Hyderabad-based job ad-tech platform Joveo which is an end-to-end platform designed to deliver smart programmatic job advertising has raised $5 million funding in Series A round led by Nexus Venture Partners and some angel investors also took part.
In 2016, the job advertising technology platform Joveo was founded by Kshitij Jain who also co-founded MoBolt in 2012 which was later acquired by job portal indeed.com. Joveo plans to use the raised funding to improve its technology like AI/deep learning layer to provide a better product offering to its users. The company also plans to scale up its operations.
Jain said, Our vision is to build the most democratic online job marketplace by enhancing the reach and targeting of job boards and agencies alike. Unlike others in the industry, we are a pure-play technology which does not compete with agencies or job boards. We are completely agnostic. Ours is a transparent marketplace existing only to assist our partners. With the backing of Nexus Venture Partners, we are poised to significantly increase our reach and create the first AI-based job advertising platform. I am very excited to kick start this next stage of growth.
Sameer Brij Verma, managing director of Nexus Venture Partners, said, "We are thrilled to partner with the team at Joveo on their mission to disrupt the recruitment industry. We strongly believe that their next-generation programmatic recruitment platform and integrated apply/click optimization technology will allow the talent management function at enterprises, RPOs, job boards and recruitment agencies to radically improve their hiring efficiency at substantially lower cost-per-hire while accessing a much larger candidate pool outside the current job-board ecosystem.
Ram Gupta, managing director, Nexus Venture Partners, said, Joveo is the first to develop true programmatic job advertising technology which is simple, transparent and easy to use. They are on a mission to partner with job boards, agencies, RPOs and staffing agencies to take the pain out of job advertising.
Besides the funding, the company also announced that they acquired a programmatic recruitment ad exchange andmediabuyer working with job boards named Ripple Media to provide an open publisher marketplace and trading expertise.