CAMBRIDGE, MA, July 09, 2020 (GLOBE NEWSWIRE) -- Jobcase, Inc., provider of a social platform dedicated to empowering and advocating for workers, has announced a significant new capital investment, with Providence Strategic Growth (PSG) acquiring a majority stake and Workday Ventures participating as a strategic investment partner. The investment includes $30 million of primary capital to accelerate Jobcase’s product development, member services, and employer partnerships. In addition, Jobcase is joining the Workday Software Partner Program.
Jobcase is currently the third largest online destination for career services in the U.S. (as rated by Comscore), with more than 110 million registered members and 20 million monthly active unique users. As a community of “people helping people,” Jobcase seeks to provide the critical support that America’s workers need today to face unprecedented challenges.
“COVID-19’s impact on the workforce – including its acceleration of future-of-work trends – brings to light the fact that now more than ever, companies need a platform to help navigate it all. Through tools and community, Jobcase can help people harness these trends to empower themselves, so that their own future-of-work is bright. In doing so, we can make this an economy that works for everyone,” said Fred Goff, co-founder and CEO, Jobcase. “PSG has been an incredible partner on this mission and now we are thrilled to welcome Workday Ventures as well. We look forward to collaboration with and support from both organizations. Together, we will realize Jobcase’s vision of empowering workers, and, of course, employers who value workers too.”
“Since we initially partnered with Jobcase in 2017, we have seen firsthand the growth of the business and the positive impact they have on America’s workers,” said Mark Hastings, CEO, PSG. “PSG is proud to support Jobcase as they demonstrate you can do well by doing good. And, we are pleased to welcome Workday Ventures to this journey. Its expertise in the human capital space, along with financial management, and planning – and its partnership with many of the businesses that employ Jobcase members – offers a great opportunity to collaborate for greater positive impact for all.”
“Workday and Jobcase share a strategic and social mission to support and develop economic opportunity for all,” said Mark Peek, managing director and co-head, Workday Ventures. “Jobcase brings a level of innovation and people-first focus for the workforce, which complements our core values and our Workday Ventures priorities. We see great opportunity for Jobcase because it can help both people and businesses address the changing needs of today’s environment, and better prepare for the future.”
This investment and these partnerships will further support innovation like Jobcase’s recently released features – including virtual hiring events and an onsite unemployment resource center – to help workers and employers navigate their way through both existing work-life challenges and those that the COVID-19 pandemic has created. The funding will also transition controlling ownership of the company to PSG, Workday Ventures, and existing investor Savano Capital Partners, and exit long-time shareholder Link Ventures.
“Jobcase has been fortunate to have great partners throughout our journey,” said Goff. “We appreciate the Link Ventures team for their support in the first phases of Jobcase’s development. We now look forward to serving our members with the partnership and help of PSG, Workday Ventures, and Savano – as well as employers, agencies, vendors, non-profits, educators and others who look to leverage cutting edge technology to empower people in their work-lives. A key phrase often used in our community is keenly appropriate at this juncture: Stronger Together!”
Jobcase was advised by Goodwin Procter LLP. PSG was advised by Weil, Gotshal & Manges LLP. Workday Ventures was advised by Cooley LLP.
About Jobcase
Founded in 2015, Jobcase is dedicated to empowering and advocating for the world’s workers. As a social media platform, Jobcase develops technology to help more than 110 million registered members lead better, more meaningful work-lives – providing access to jobs, tools and resources to take action, and a community for support. Jobcase technology also powers a network of job sites and many nonprofit-driven activities via its Jobcase network. Emerging as one of the fastest growing technology companies in Boston, Jobcase is an industry-affiliate of MIT’s Computer Science and Artificial Intelligence Lab (CSAIL). Jobcase also collaborates with employers, nonprofits and government agencies to both improve, and diversify access to opportunity and participation in the workforce. For more information, visit www.jobcase.com or contact PR@jobcase.com.
About Providence Strategic Growth Capital Partners L.L.C.
Providence Strategic Growth (“PSG”) is an affiliate of Providence Equity Partners (“Providence”). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies, primarily in North America. Providence is a premier global asset management firm that pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 180 companies and is a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information on PSG, please visit https://www.provequity.com/private-equity/psg, and for more information on Providence, please visit www.provequity.com.
About Workday Ventures
Workday Ventures is the strategic investment arm of Workday, Inc., focused on accelerating the growth of emerging enterprise software companies that enhance the Workday customer experience and are complementary to Workday products and services. The $250 million fund was launched in February 2018 with investments in areas including employee engagement and talent acquisition, integration and robotic process automation, strategic sourcing and spend analytics, and financial management.
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