Cornerjob gets more money, eyes global market
29 May 2017
Cornerjob, the blue-collar app recently named Spain’s fastest-growing start-up (read the article here), closed a $19-million series C funding round. This took the company’s total investment to $54 million in three rounds of, respectively, $10 million, $25 million and now $19 million (image below).
CEO David Rodriguez told the AIM Group the new funds are earmarked for “product development, as well as bolstering our position in current markets and expanding into some new markets”. Its current markets are Spain, France, Italy, and Mexico, with Germany, the U.K. and U.S. among the territories it wishes to reach.
Cornerjob focuses on recruiting for what Rodriguez has called “lightly qualified jobs, high-rotation jobs“, such as work in the retail or service sector. The app allows candidates to instantly create a profile, search geolocation-based job ads, and receive a response from potential employers within 24 hours.
Companies get access to a pool of relevant job seekers with no up-front cost. “Employers can publish as easily as they would put a poster on the front of their shop,” Rodriguez said in an interview for The Next Web (full article here). “Companies just screen candidates with a standardized profile and pre-select them, or reject them. They’re the ones in control of the communication channel.”
Crucially, they pay nothing until they have selected and decided to interact with a candidate. This means that to be successful, Cornerjob has to work hard to deliver suitable candidates, and must constantly monitor the balance between open positions and potential employees.
Giving recruiters control is at the heart of Cornerjob’s growth strategy. Its key metric is the percentage growth in listings from recurring clients, rather than simply the number of listings. “This number gives us a sense of engagement of our clients, of companies that are our paying customers.”
In January 2017, Cornerjob reached a point where almost 70 percent of its listings were from existing clients. “Obviously, we won’t reach 100 percent, because that would mean that we’re not acquiring any new clients,” said Rodriguez, “but at the moment we’re maintaining this percentage with an average growth of 20 percent additional new listers every month.”
When asked how Cornerjob sees its future in the increasingly competitive blue-collar recruitment app segment, Rodriguez told the AIM Group: “The positioning and specifics of each player are much clearer than a year ago. Ours is unique: we’re present on the whole value chain of the recruitment cycle without restricting ourselves to the staffing industry (as opposed to all players in the field of digital staffing). We’re the only ones that have been able to partner and integrate with an HR services global leader, and on top of the marketplace and mobile tech, we’re always improving our productivity tools for companies (with chatbots, etc).”
The latest funding will, in part, be spent on improving those productivity tools to speed up and simplify the recruitment process. One area of investment is machine learning and artificial intelligence. “We aim to continue improving how recruiters do their job by adding more tools that benefit from ML/AI,” said Sergio Gonzalez, chief operating officer of
One area of investment is machine learning and artificial intelligence. “We aim to continue improving how recruiters do their jobs, by adding more tools that benefit from ML/AI,” said Sergio Gonzalez, chief operating officer of Cornerjob. “We believe that this [recruitment] process can be hugely improved by adding more technology.”
Given the scope of Cornerjob’s aspirations, there may be more investment rounds on the horizon. When asked if the company plans to raise more funds in the next 12 months Rodriguez replied that “geographical expansion will probably require additional funding, because our ambition is global.”