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June 6, 2016

Glassdoor raises $40 million as total funding for recruiting site hits $200 million

News: Glassdoor has plans to invest in several new products and marketing.

By CBR Staff Writer

Glassdoor has secured $40m in its latest round of investment led by T. Rowe Price Associates and existing investors including Google Capital, Tiger Global and Battery Ventures.

With this new round of investment, the total amount Glassdoor has raised now sits close to $200m.

According to Glassdoor, this new round of investment will be used for developing various products and strengthening its marketing effort.

Although having secured $40m in funding, the company’s share price has fallen by about 6% from $8.54 to $8, when compared to the last round of investment it received last year.

Glassdoor was established in 2007 with a view to giving authentic information and insight about workplaces, including company ratings and reviews, CEO approval ratings, detailed pay data by job title, interview reviews, benefits reviews and office photos.

The company said in a statement: "We’ve built our company on the principles of transparency – and we are fundamentally redefining how people search for jobs and how companies recruit talent through these principles."

It has about 30 million unique users logging on monthly who offer several insights into more than 540,000 companies across 190 countries. Apart from this, Glassdoor has tie-ups with about 4000 employers who use its services for recruiting talent.

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Glassdoor is looking to go public in the near future, but the company has not announced any dates for an IPO so far. Glassdoor CEO Robert Hohman told Business Insider that when the company goes public, they want to show potential investors that the company is growing and making profits.

The CEO said that at present, they are not burning through cash and are balancing growth and profits.

In an interview with WSJ, Battery Ventures general partner Neeraj Agarwal said that millennials now want more information when they are making career decision.

He said: "if you were flying out to Seattle to interview with Microsoft, you could find out more information about your hotel than about the company you’re interviewing with."

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