Jobster Gets $7 Million Infusion

Jobster (profile; site ) pulled a rabbit out of the hat Thursday, announcing that its investment group has come up with $7 million in a fourth round of financing.

This latest “D” round of financing brings to $56 million the total amount invested in the company since its founding. Even before the latest round, Jobster’s hometown newspaper, the Seattle Post-Intelligencer , called the company one of the most heavily funded consumer startups in the nation.

The uncharacteristically terse, two-sentence statement said simply that the company had gotten the money and the investors include Ignition Partners, Trinity Ventures, Mayfield Fund and Reed Elsevier Ventures. Nothing was said of the company’s financial position or how it planned to use the money.

In light, however, of the company’s heavy losses it is likely that the $7 million infusion will be used to cover operating expenses. In the four years since its January 2004 founding the company burned through some $46 million, most of it coming from the same group that put up the latest round.

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A letter sent to earlier this year to stockholders and those holding stock options, detailed the company’s financial position. The letter said Jobster lost about $11 million in 2007 and had less than $3 million in the bank. It also said it was seeking additional funding.

Since the departure in December of its founder and former CEO Jason Goldberg, Jobster has assumed a low profile. Past funding rounds were accompanied by widely distributed press releases, entries on the company blog and interviews with the CEO. This announcement doesn’t even mention the name of the current CEO, Jeff Seely.

John Zappe is the editor of TLNT.com and a contributing editor of ERE.net. John was a newspaper reporter and editor until his geek gene lead him to launch his first website in 1994. He developed and managed online newspaper employment sites and sold advertising services to recruiters and employers. Before joining ERE Media in 2006, John was a senior consultant and analyst with Advanced Interactive Media and previously was Vice President of Digital Media for the Los Angeles Newspaper Group.

Besides writing for ERE, John consults with staffing firms and employment agencies, providing content and managing their social media programs. He also works with organizations and businesses to assist with audience development and marketing. In his spare time  he can be found hiking in the California mountains or competing in canine agility and obedience competitions.

You can contact him here.

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1 Comment on “Jobster Gets $7 Million Infusion

  1. I think It’s great that they have more funding, their job search engine is very good though with less traffic than Indeed. FYI, you can post jobs on Jobster for free through Smuz.com

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