Jobandtalent Secures $120M from SoftBank for US Expansion

Jobandtalent Secures €100 Million in Series D Funding

Spain-based Jobandtalent, a digital temporary staffing agency, has successfully raised €100 million (approximately $120M) in a Series D funding round. The investment comes from SoftBank’s Vision Fund 2, bolstering the company’s growth trajectory.

Previous Investment and Total Funding

Prior funding rounds saw participation from investors like Atomico, Seek, DN Capital, InfraVia, Quadrille, Kibo, and FJ Labs. To date, Jobandtalent has accumulated a total of €310 million (nearly $370M) in funding since its establishment in 2009.

Additional Debt Financing

Alongside the equity raise, Jobandtalent has also secured approximately $100 million (€83M) in debt financing from BlackRock. This combined funding approach is designed to accelerate marketplace expansion.

Platform Technology and Benefits

The company’s platform utilizes sophisticated learning algorithms to efficiently connect temporary workers with available positions. This streamlines the hiring process for employers.

Furthermore, Jobandtalent provides employers with a CRM system incorporating real-time workforce analytics. This allows for monitoring of workplace satisfaction, attrition rates, and key metrics like attendance.

Value Proposition for Temporary Workers

For temporary employees, Jobandtalent aims to provide consistent and readily accessible work opportunities. The platform simplifies job applications and payroll processes.

The company’s model strives to offer continuous employment through a series of temporary assignments. It also seeks to provide benefits traditionally associated with full-time positions, such as pensions, sick leave, holiday pay, health insurance, and training.

Expansion into the U.S. Market

Jobandtalent is preparing to launch operations in the U.S. market within the next year. This expansion builds upon its existing presence in eight European countries: Spain, the UK, Germany, France, Sweden, Mexico, Colombia, and Portugal.

The company is also evaluating potential entry into Italy and the Netherlands, further broadening its European footprint.

U.S. Market Opportunity

Co-CEO and co-founder Juan Urdiales believes a significant opportunity exists in the U.S. market. He notes a lack of large-scale competitors operating across multiple states in the e-commerce and logistics sectors.

Urdiales highlights the success of other European companies expanding into the U.S., citing examples like Spotify, Klarna, and Adyen.

Maintaining Benefits Standards in the U.S.

Jobandtalent intends to offer comparable benefits and perks to U.S. workers as it does in other markets. The company aims to provide a similar level of job security and advantages as permanent employment.

Adaptations will be made to comply with U.S. regulations, ensuring benefits are tailored to the local context.

Platform Usage and Growth

Over the past year, more than 80,000 workers have utilized Jobandtalent’s platform to find temporary employment. The platform boasts over 10 million registered users.

More than 850 companies, including XPO, Ceva Logistics, eBay, Ocado, Sainsbury’s, Bayer, and Santander, have leveraged the platform to source temporary staff.

Financial Performance

Jobandtalent’s revenue has experienced substantial growth, increasing from €5 million in 2016 to €500 million in 2020. This growth has resulted in positive EBITDA.

The company reports a year-on-year growth rate exceeding 100%.

SoftBank’s Perspective

Yanni Pipilis, managing partner at SoftBank Investment Advisers, stated that Jobandtalent addresses a critical need in the modern workforce: balancing flexibility with quality job opportunities. He praised the company’s data-driven platform and its ability to provide reliable staffing solutions while ensuring worker stability and benefits.

Strategic Rationale for SoftBank Funding

Urdiales explained that the decision to secure funding from SoftBank was based on the investor’s experience with companies of similar size. He believes SoftBank can provide valuable guidance and insights.

He also noted potential synergies with other companies within the SoftBank portfolio, particularly in sectors like logistics.

Correction

It has been clarified that the Series D funding round was solely funded by SoftBank; previous investors did not participate in this round.