Job&Talent, an AI-driven “workforce as a service” platform that matches hourly workers with businesses, has announced a €92 million ($103 million) Series F funding round. The investment — backed by Atomico, BlackRock, DN Capital, Hercules, Infravia, Kibo, and Kinnevik — brings the Madrid-based company’s post-money valuation to €1.3 billion ($1.5 billion).
While raising over $100 million from high-profile investors may appear to be a strong signal of growth, the round actually marks a down round for the company. Job&Talent, which operates across 10 countries in Europe, the U.S., and Latin America, was last valued at $2.35 billion during its $500 million Series E in December 2021.
The company has been asked to comment on the reasons behind the nearly $1 billion drop in valuation.
“This round reflects a valuation adjustment in line with broader market dynamics, particularly within the tech and growth-stage sectors,” a spokesperson said. “The funding ensures that Job&Talent remains well-capitalized to execute the next phase of our growth journey. Despite challenging market conditions, we have consistently outperformed industry trends over the past year, driven by the strength of our platform and our ability to integrate AI across our entire suite of products.”
The company reports that it has placed over 300,000 workers in jobs across more than 3,250 businesses over the years, with a strong focus on industries such as logistics and retail. The company says the fresh equity funding will be used to expand its operations globally and to develop a range of AI-powered agents to support that growth.
The first of these agents, named Clara, is focused on recruitment. In a trial involving a limited number of clients, Clara has carried out no less than 180,000 interviews, according to the company, leading to around 7,000 hires and “helping deliver industry-leading fill rates, even during peak periods of demand.” Job&Talent claims these fill rates are “equivalent to the output of thousands of recruiters.”
“This capital injection reaffirms our shared vision for the future of Job&Talent,” Juan Urdiales, the startup’s co-founder and co-CEO, said in a statement. “Thanks to the platform we have built over the past years, we are now well-positioned to evolve into a fully integrated employment platform that helps companies manage their temporary and internal workforces more efficiently. Our next-generation AI agents will bring major improvements in productivity, provide better opportunities for workers, and unlock crucial cost savings for companies.”
