NewSpring Growth Capital IV Announces Inaugural Investment in Hourly Worker Powerhouse Snagajob
February 04, 2016
Radnor, PA - February 4, 2016 – NewSpring Capital, a family of private equity funds providing growth and expansion capital, announced today that NewSpring Growth Capital ("NewSpring"), the Firm’s dedicated growth and expansion stage fund, has made its inaugural investment out of its fourth growth equity fund. NewSpring, along with co-investors Invus Group and Rho Acceleration, provided Snagajob $100 million in funding. The Company will use the proceeds primarily to expand its product offerings and fund select acquisitions.
Founded in 2000, Snagajob is America’s largest marketplace for hourly job seekers and employers through its work with over 65 million members and nearly 200,000 employers, including nearly half of the brands on the Fortune 1000 list. The company has redefined and optimized sourcing, recruitment, onboarding and management solutions for the hourly worker industry. This investment will help accelerate Snagajob’s vision of offering a fully mobile, on-demand, hourly-hiring process while not compromising quality or accuracy.
“Snagajob has accomplished impressive growth in the past two years,” said Marc Lederman, NewSpring General Partner. “With their strong brand recognition, extraordinary management team, and accessible platform, Snagajob offers an unparalleled value proposition to hourly workers and employers wanting to streamline the hiring process. We are thrilled to add Snagajob to our growing list of successful technology companies.”
“It’s an exciting time for our industry. However, it's unfortunate that in the age of on-demand everything, the average hourly job seeker is offered no greater efficiencies when looking for a job,” said Peter Harrison, CEO of Snagajob. “It should only take minutes to secure hourly work, not the days and weeks it takes today. This new funding, coupled with the fact that almost a million workers are creating new profiles on Snagajob every month, will dramatically accelerate our realization of this vision. We are very excited to have NewSpring on board as they share this vision and have been great to work with throughout the process."
As part of the transaction, Marc Lederman of NewSpring Capital and Habib Kairouz of Rho Acceleration will join Snagajob’s Board of Directors.
With over 65 million members and one million new members every 35 days, Snagajob is America’s #1 spot for hourly work and is helping transform the marketplace for on-demand hourly workers through innovative technology. The Company’s mission is to put people in the right fit-positions so they can maximize their potential and live more fulfilling lives. Since 2000, Snagajob has been responsible for creating products that make instant and quality connections between workers and employers across a variety of industries, including restaurant, retail, hospitality and healthcare. For more information, visit snagajob.com or follow @snagajob.