SAN FRANCISCO (Private Equity Week) - The notion, “It’s not what you know, it’s who you know,” has helped startup Jibe Inc. land $875,000 in seed capital.
The New York-based company, which remains in stealth mode and has not opened up its website www.jibe.com to general use, raised early-stage funding from Polaris Venture Partners, Zelkova Ventures and individual investors Jason Calacanis, Ken and Ben Lerer of Lerer Media Ventures, Josh and Jared Kushner of Launch Capital.
Polaris General Partner Peter Flynt explained on his blog that Jibe aims to be the first online employment service that combines social networking with career search. He explained that job seekers, recruiters and employers will be able to use Jibe to integrate Facebook and LinkedIn to see how candidates might be connected with other employees in a company.
Based on the company’s beta testing, Flint said that Jibe’s business model has “already proven that better qualified applicants will pay to apply for higher quality jobs.” Posting jobs and browsing Jibe’s job database will be free for employers and applicants. Employers only pay when they want to retrieve contact information for candidates who meet their qualifications for a trusted reference, as well as relevant experience, the company explained.
Jibe was launched by CEO Joseph Essenfeld, who was previously COO for late-night cookie delivery company, Insomnia Cookies; Peter Margulies, former co-founder of BtownMenus.com, an online menu guide and food ordering site; and Lead Developer Toby Matejovsky.
The company was one of several startups last week to raise financing from venture capitalists. Other early-stage fundings included the following:
UpWind Solutions Inc.
Amount/Round: $28.8 million/Series B
Investors: Kleiner Perkins Caufield & Byers (led) and MissionPoint Capital Partners
Details: Provides wind asset management services. The company previously raised about $10 million in funding from MissionPoint since 2007.
New York, NY
Amount/Round: $875,000/seed stage
Investors: Polaris Venture Partners and individual investors Jason Calacanis, Ken Lerer, Ben Lerer, Josh Kushner and Jared Kushner
Details: Develops an online career search incorporating social networking, such as Facebook, LinkedIn, and Twitter to show job seekers who they know at companies posting job openings.
Amount/Round: $1 million/Series A
Investors: Oregon Angel Fund
Details: Provides vacation home management services with social networks.
Mountain View, CA
Amount/Round: $7.4 million/Series B
Investors: Redpoint Ventures (led), Shasta Ventures, First Round Capital and Bay Partners
Details: Operates an online gift card marketplace. The company previously raised $4.8 million in funding. Allen Beasley, partner of Redpoint, has joined the board.
New York, NY
Amount/Round: $4 million/Series A
Investors: Venrock (led), First Round Capital, U.S. Venture Partners and individual investors
Details: Provides real-time language translation services of online sites.
Amount/Round: $5.6 million/Series A
Investors: Emerald Technology Ventures (led) and Access Venture Partners
Details: Develops LED solid-state lighting products.
New York, NY
Amount/Round: $2 million/Series A
Investors: DFJ Gotham Ventures (led), Contour Venture Partners, eValue, NYCSeed and Wider Wake Network. Details: Provides on-demand video preparation and distribution solutions for media companies. The company previously raised $1 million in seed funding from Greycroft Partners.
San Diego, CA
Amount/Round: $10 million/Series B
Investors: Qualcomm (led), Trinity Ventures, InterWest Partners and Leapfrog Ventures
Details: Develops low-power wireless video networking technology for a range of applications, including security. The company previously raised $7 million in funding.
Amount/Round: NA/Series B
Investors: Next Stage Capital and Emerald Stage Capital
Details: Develops usage-based billing for enterprise and Internet customers. The company, aka Apogee Networks Inc., has now raised about $65 million in total funding since 1998.
Amount/Round: $3 million/Series B Investors: Hummer Winblad Venture Partners, Starfish Technology Fund and Southern Cross Group
Details: Develops storage software services. The company previously raised $5million in funding.