Funding led by 500 Global with follow-on from NBIF will help Alongside equip job seekers with the tools to reach the career destinations of their dreams.
MONCTON, NB, Feb. 16, 2022 /CNW/ - Alongside, an HR tech startup that helps create a more human connection between employers and job seekers, raised $8 Million CAD in growth financing. The round was led by San Francisco-based venture capital firm 500 Global with participation from previous investors, including New Brunswick Innovation Foundation (NBIF), as well as capital financing from TD Bank Group.
The funding comes as the global HR tech market continues to grow and as opportunities arise to create better experiences for job seekers. Alongside firmly believes that job seekers deserve a better experience and that in order for a truly great hire to be made, the person applying must be empowered with the tools, support, and guidance to land the job. Over the next 12 months, Alongside will be continuing to grow its position as an industry leader that removes the barriers for job seekers and supports businesses in making the right hire.
Part of the funding was used to strategically acquire one of Canada's leading job boards, CareerBeacon. Now, the Alongside team is using the funding to modernize, differentiate, and innovate its product to guide and support job seekers through every step of their career journey. This includes finding their first job, levelling up their career, and creating a career path they are excited about.
"Our team at Alongside has always been passionate about helping job seekers connect to meaningful work. Job boards have been one area where the experience does not live up to job seeker expectations, which is why we decided to acquire CareerBeacon as an initial step towards our bolder vision. That vision is to revisit and rethink every aspect of the job seeker journey and make sure that we are doing everything in our power to improve the experience for job seekers in their quest to find life-changing career opportunities. Part of this vision also means guiding employers in attracting, hiring, and onboarding the people who will transform their organizations, " said Yves Boudreau, CEO and Co-founder of Alongside. "This funding will help us continue to make our vision a reality."
"We're excited to be part of Alongside's journey as it helps connect companies with job seekers," said Tim Chae, Managing Partner at 500 Global. "In the current environment, where companies are focused on attracting and retaining top talent, and workers are looking to advance their careers, we see a growing opportunity for technology-enabled services to improve the job-seeking and recruiting process. We believe Alongside is well-positioned to establish itself as a leader in this space, and we look forward to partnering with Alongside's impressive management team, led by Yves."
"It's inspiring to see one of our long-standing portfolio companies make such a bold strategic acquisition," said Ray Fitzpatrick, Director of Investments at NBIF. "Yves and Benoit are resilient and visionary entrepreneurs who stay focused on their mission to change the dynamics of the HR tech industry. Usually, our start-ups are the ones that get acquired and not the other way around. Alongside has shown there is more than one way to obtain growth in the NB Tech sector, which may be paving the way for future start-ups looking to go down this path."
Additional investors in the round include Sparkland Capital, Gerry Pond, Bob Justason, LongShot Capital, Leslie MaGee, Jim English, and Mike Tilley.
Founded in 2014, Alongside is a Moncton-based human resources technology (HR Tech) company working to create a more humanized hiring experience by providing employers and job seekers with detailed insights, sophisticated communication tools, and easy-to-use job posting distribution. For more information, please visit future.alongside.com.
SOURCE Alongside Inc.
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