ExecThread, a young site which shares “hidden jobs” for C-level executives, raised $6.5 million U.S. in funding. The New York-based site also announced that professionals may now apply to join without being referred by another member.
According to Crunchbase, ExecThread received a first capital injection in mid-2016. How much, is still unknown. The new investors include Canaan Partners, Javelin Venture Partners, NextView Ventures, Corazon Capital and CoVenture.
ExecThread aims to surface the kind of high-level jobs that don’t usually make it to other job sites. (ExecThread claims that up to 50 percent of executive jobs are never advertised.) It does this by asking members to contribute job opportunities they get approached for, but don’t intend to pursue. In return, members get access to job opportunities contributed by other executives.
Executives wishing to join the site go through a two-pronged vetting system, which includes an interactive “peer review” and an automated evaluation of professional attributes. They are then connected to executive recruiters and hiring managers.
So far, ExecThread users include C-suite executives, vice presidents, director-level professionals and board members. They come from some big brands too: Google, Disney, Walmart, Coca-Cola, Spotify and Slack.
The company was founded by Joe Meyer, the former CEO of HopStop (which was acquired by Apple). Meyer was at AOL and EBay before that.
“Executive recruiting hasn’t changed in decades and isn’t designed to address the unique and evolving needs of senior-level professionals and hiring managers,” Meyer said in a release. “We saw an opportunity to disrupt the $120-billion, global talent-acquisition market.”
ExecThread was founded in 2015 and has attracted members solely through word of mouth. The investment of $6.5 million will undoubtedly change that.