Investee Company – MatchWork (Denmark)
Investee Company Business Type – Provides clients with an employment database to match job seekers with suitable employers
Type of Financing – Expansion
Equity Providers – DICO A/S, IndustriUdvikling A/S, Lonmodtagernes Dyrtidsfond (LD)
Equity Leader (Individual) – Dorrit Vanglo, Lonmodtagernes Dyrtidsfond (LD)
Debt Providers – N/A
Debt Type – N/A
Debt Leader (Individual) – N/A
Equity Amount – euro7.4 million
Total Deal Value – euro7.4 million
Other Advisors – N/A
Comments – Danish job database company MatchWork has received a euro7.4 million injection of expansion funding from DICO A/S, IndustriUdvikling A/S and Lonmodtagernes Dyrtidsfond (LD).
The company is looking to use the funds for expansion into markets outside of the Scandinavian region, where it has secured a leading position in the market for online job databases.
The matching technology enables a job seeker to enter a CV, which is compared with every job in the database. According to the criteria entered, a score is instantly calculated in relation to skills, educational background, job titles etc, with a higher score representing a closer match. If the job seeker chooses to apply for a job, the anonymous CV is then sent through to the company who may then decide to retrieve the applicants personal information or send a rejection.
The business model that the company is looking to extend into the UK and German markets works on the basis of supplying a fully operational job database with advanced matching technology for the clients individually branded job market. The system can then be integrated into the clients individual web strategy.
MatchWork is keen to promote itself to investors as the ideal combination of “old” and “new” economy. Because the company is based upon partnerships it will not have to incur any marketing costs. Despite the fact that the commission charged on each job match is modest, the company believes revenue potential to be excellent on the basis that the partners will generate a high volume of matches.