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Recent college grads need a better way to search for jobs. Or at least, that\u2019s the thesis of New York-based WayUp, which\u00a0recently raised $18.5 million in Series B funding to execute on this vision.<\/p>\n
Trinity Ventures, which led the investment, is also gaining a board seat\u00a0via\u00a0partner Karan Mehandru.\u00a0Existing investors, including General Catalyst, Lerer-Hippeau Ventures and SV Angel also participated in the funding round.<\/p>\n
Originally an internship and job board for college students, WayUp now additionally\u00a0targets the entry level workforce, a market that they believe is underrepresented. LinkedIn\u2019s job search platform and sites like Indeed are geared towards every\u00a0career stage.<\/p>\n
\u201cLinkedIn is built for a much older generation,\u201d\u00a0according to Liz Wessel, WayUp\u2019s co-founder and CEO. She feels that WayUp makes it easier to search and apply for jobs via their smartphone\u00a0and touted the site\u2019s efforts to reach job seekers via text message.<\/span><\/p>\n Echoing a similar sentiment, Mehandru said Trinity invested because they \u201cbelieve employers and candidates deserve a modern, mobile first platform.\u201d Mehandru feels\u00a0\u201cWayup<\/span> has the potential to surpass LinkedIn over time as the dominant next generation platform that becomes the online resume for the next generation and connects employers with candidates to get them hired. \u201d<\/p>\n Wessel emphasized the \u201cpersonalized\u201d aspects of their platform with its\u00a0custom user profiles, and claims\u00a0that WayUp\u00a0makes it easier for companies to find the candidates they are looking for, because of its\u00a0tailored search preferences. Like many startups these days, they are investing in\u00a0machine learning to build better algorithms.\u00a0<\/span><\/p>\n They\u2019ve found that employers are willing to pay for WayUp, with some spending as little as $75 for a basic plan and others spending over\u00a0$500,000 to utilize all the potential features on the platform. Because their site targets recent graduates, businesses\u00a0are able to isolate for criteria like major and G.P.A.<\/p>\n Companies\u00a0are even able to search by gender and race (if the job seeker opts in). It is not legal for U.S. employers to specify that they are looking for\u00a0these qualities, but they are able to peruse the candidates.\u00a0Wessel likens it to attending a job fair at a predominantly female or black school. (Hopefully this will result in inclusion, not exclusion).<\/p>\n Currently the team has over 50 employees and they plan\u00a0to use the funding to build out their engineering and product teams. They may\u00a0even use it to make more acquisitions.\u00a0<\/a><\/p>\n The company has raised $27.5 million in capital\u00a0since it was founded in July 2014. Previous investors include RRE Ventures, Y Combinator and Eniac Ventures.<\/p>\n When asked about future plans, Wessel said she \u201cwould\u00a0love to go public one day, but it\u2019s a little\u00a0early to be planning.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"![\"\"](\"https:\/\/tctechcrunch2011.files.wordpress.com\/2016\/01\/wayup.png?w=680\")
Recent college grads need a better way to search for jobs. Or at least, that’s the thesis of New York-based WayUp, which\u00a0recently raised $18.5 million in Series B funding to execute on this vision. Trinity Ventures, which led the investment, is also gaining a board seat\u00a0via\u00a0partner Karan Mehandru.\u00a0Existing investors, including General Catalyst, Lerer-Hippeau Ventures and SV Angel… Read More<\/a><\/p>\n\n<\/img><\/a>
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