Job portal Glassdoor recently secured $40M in funding from investors boosting its overall value to around $1 billion.
The Series H round of funding included contributions from previous investors Battery Ventures, Google Capital, Sutter Hill Ventures and Tiger Global.
Glassdoor’s good fortune is a result of an oversaturation of the market. and a steady unemployment rate in Australia. But Glassdoor is unique in that it allows users to research companies that interest them based on feedback from others, and investors are keen to support a website that separates itself from the rest.
Glassdoor’s unique business model is what attracted investor T. Rowe Price.
“We believe that Glassdoor is fundamentally changing the way job seekers search for jobs and companies recruit talent. Their unique user-generated data includes millions of reviews, which increases transparency in recruiting. Our view is that Glassdoor is executing well, and it can be a much larger company over time” said Henry Ellenbogen, Vice President and Portfolio Manager at T. Rowe Price Group, Inc.
Glassdoor has big plans for the future, including mobile apps and localized websites.