Millennials will typically change jobs multiple times as they seek the perfect fit. WayUp wants to help them pursue their workplace dreams with a job marketplace, and announced today that it has secured an additional $18.5 million in funding.
“On average, millennials are expected to jump jobs four times in their first decade out of college,” wrote WayUp’s cofounder and CEO Liz Wessel, in an email to VentureBeat. “However, we believe WayUp’s technology will change that.” The startup uses machine learning to refine searches and execute better matches between students in U.S. colleges and hiring companies.
The service is free for students and recent grads — WayUp generates revenue from the employers who pay a monthly fee based on the size of their company and the features they select. WayUp claims to have over 3.5 million users and lists jobs from over 300,000 different companies, which include Facebook, Google, and The New York Times.
Above: WayUp website and app
Image Credit: WayUp
Competition is fierce. Services like Indeed, Glassdoor, and of course, LinkedIn, provide search engines to find jobs. WayUp recently acquired one of its main competitors, Looksharp, for an undisclosed amount.
But Wessel cites two other types of competitors that she hopes to crush. “Career fairs and nepotism!” she wrote. “Career fairs are inefficient events that cost millions of dollars for companies who end up just going to a few schools and therefore not recruiting from everywhere they want.”
Trinity Ventures led today’s round, with participation from existing investors General Catalyst, BoxGroup, Lerer-Hippeau Ventures, Index Ventures, SV Angel, Female Founders Fund, Axel Springer, CAA Ventures, and OurCrowd.
Based in New York City, WayUp was founded in 2014 and has raised a total of $27.5 million to date. The new capital will be used to hire engineers and to further develop the platform’s machine learning capabilities.
WayUp currently has 51 employees.
Sign up for Funding Daily: Get the latest news in your inbox every weekday.