An online recruiting service, Work4 utilizes social networks to find job leads and advertise vacancies, has raised $7 million in new funding to expand in international markets. It was led by existing financial investors, Matrix Partners while the new investor is the French venture capitalists, Serena Capital. Before this funding, the company Work4 has been able to raise $11 million from CEO at Hearsay Social, Clara Shih and ex-President Monster.com, Steve Pogorzelski.
According to Stéphane Le Viet, CEO and co-founder at Work4, the need of the time is to tap into the social networking user base and ‘turn fans into brand’ employees. He said that the current online recruiting market is being dominated by Indeed.com and Monster.com which are highly inefficient because they do not cater to the time that people spend on social networks and social media channels. He is conversant with this market as he had co-founded, MultiPosting, another online recruitment company before establishing Work4.
He was of the view that Work4 will benefit by the social networks and when consumers become employees, it helps. The retail and sales companies can leverage to get better candidates by looking into the social network fan base. Work4 has worked with companies like Hard Rock Café, Groupon, Gap, AIG, L’Oreal and Intel to name a few.