Local online recruitment start-up Jobjack has secured R45 million in investment funding in a pre-series A round.
The funding round was led by Old Mutual subsidiary NEXT176, and includes the Michael & Susan Dell Foundation as impact-focused investors.
Founded in 2018 by Christiaan van den Berg and Heine Bellingan, Jobjack is a free-to-use web-based platform for job-seekers looking for entry-level employment.
In a statement, Jobjack says the funding will be utilised to increase operations and expand its growing employer network.
“These funds allow us to continue our momentum of onboarding employers and not only streamlining their entry-level recruitment, but driving accessibility and affordability for the job-seekers that need it most,” says co-CEO Van den Berg.
The company says it has nearly two million job-seekers, with an additional 2 000 individuals joining daily. Employers listed on the platform include PEP, Food Lover’s Market, McDonald’s and KFC.
On average, job-seekers spend around R938 per month on looking for employment, says Jobjack. These costs are incurred through the traditional methods of CV printing and transport.
Jobjack takes these functions online, guiding job-seekers through a CV creation process to apply for opportunities directly from their mobile phones. The platform is data-free for MTN and Vodacom network users.
“The Michael and Susan Dell Foundation invests in organisations that develop innovations providing access to job opportunities for South Africans without work, enabling them to support their family livelihoods,” says Ona Meyer, programme manager of youth employment at the foundation.
“This partnership will allow Jobjack to further scale its current response plan, streamline the recruitment process and increase access and affordability for job-seekers. We are encouraged by the growth trajectory of Jobjack’s business model to serve those looking to enter the entry-level job market.”
Jobjack also provides an automated recruitment platform for companies to filter and streamline their hiring process. It allows clients to customise their screening processes through filtering questions, screening psychometric assessments and third-party checks, while scheduling communication with potential hires, it notes.
Tramayne Monaghan, chief ventures officer at NEXT176, comments: “Our mission is to build and invest in disruptive businesses that are not only sustainable but also possess the power to change lives.
“Jobjack's innovative approach to redefining entry-level recruitment in South Africa perfectly aligns with this vision. In addressing job-seekers' pain points, we believe in the ripple effect of Jobjack − how changing one life can set in motion a chain reaction of positive change, resulting in a brighter, more inclusive future for South Africans.”
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