The Shred is a weekly roundup of who’s raised funds, who’s been acquired and who’s on the move in the world of recruitment. The Shred is brought to you today by Jobcase.
[00:00:00] Hi, it's your kids. Lock the doors. You're listening to HR's most dangerous podcast, Chad
[00:00:07] Soosh and Joel Cheeseman. Hey boys and girls, it's Joel Cheeseman of the Chad
[00:00:13] and Cheese Podcast and this is The Shred for the first week of March 2024. The Shred
[00:00:18] is a weekly roundup of who's raised funds, who's been acquired and who's on the move in
[00:00:22] the world of recruitment. The Shred is brought to you today by Job Case, the online community
[00:00:27] where workers of all kinds like hourly employees, traits people and healthcare technicians, access
[00:00:33] jobs, make connections and support each other in every aspect of their work life. Job
[00:00:39] Case says over 100 million workers on the platform. So if you need to hire, well you
[00:00:44] need to talk to Job Case today. Learn more by going to jobcase.com, backslash hire, that's
[00:00:50] jobcase.com, backslash hire. Now to the news in no particular order. San Francisco's
[00:01:02] deal continues its shopping spree by acquiring South African-based payroll and HR software
[00:01:09] company, PaceBase, marking its largest acquisition to date, although financial terms were
[00:01:15] not disclosed. PaceBase serves over 14,000 customers across 44 countries, including multinationals
[00:01:23] like Heineken and Coca-Cola. Deal said the acquisition aligns with the goal to strengthen
[00:01:29] its footprint in Africa and complements its recent acquisition of Munich-based Zavie.
[00:01:35] Deal also announced surpassing $500 million in annual recurring revenue with plans for
[00:01:42] an IPO likely in 2025 or 26. What's more, the acquisition of PaceBase expands deals HR
[00:01:50] stack and global presence now spanning six continents with native payroll engines. This
[00:01:56] acquisition highlights a trend of Africa-founded companies being acquired by global counterparts,
[00:02:03] showcasing the continent's growing tech ecosystem. Founded in 2002, PaceBase employs
[00:02:10] 244 people, while Deal now employs a little over 9,000 folks.
[00:02:18] Vitru Health, a lending-based startup has secured $4 million in funding, bringing its total
[00:02:24] raise to $27 million. Vitru Health specializes in leveraging computer vision and biomechanical
[00:02:32] analysis to reduce musk-glow skeletal pain in the workplace. That's a first for the
[00:02:38] Shred. Its platform promises accurate, holistic and personalized solutions for workplace health
[00:02:45] assessments, benefiting employers and meeting regulatory obligations at scale. The company
[00:02:51] plans to utilize the funds to expand its team and advance its presence in the US and new
[00:02:57] European markets. Founded back in 2017, they employ 21 people.
[00:03:05] Indonesian Fintech Wagely has secured $23 million in equity and debt financing, bringing
[00:03:12] its total raise to $36.9 million. The platform allows workers to immediately access earned
[00:03:19] wages, promoting financial wellness and stability. With funding, the company plans to deepen
[00:03:25] its service in Indonesia and Bangladesh, explore expansion into related financial services,
[00:03:32] and leverage generative AI technologies to enhance financial decision-making. By championing
[00:03:38] financial wellness and empowerment, the startup is hoping to reshape the landscape of financial
[00:03:43] services in Southeast Asia and beyond. Founded in 2020, the company employs 112 people.
[00:03:54] People force an all-in-one HR platform that promises to streamline HR processes at every
[00:04:00] stage of the employment life cycle, has secured a $2 million investment. The company says
[00:04:06] the funding round supports their product development and scaling within Poland and Latin American
[00:04:12] markets. Founded in 2018, they employ 78 people.
[00:04:18] Another one. New York-based Healthy has successfully closed a $32 million series A round, bringing
[00:04:26] its total to $55.5 million. The company offers a platform that promises personalized
[00:04:33] instant and straightforward answers to coverage, treatment, and benefit in queries, as well
[00:04:39] as end-to-end open enrollment support and tailored preventive care suggestions.
[00:04:45] The funds will be utilized to scale operations, accelerate product development, and support
[00:04:50] expansion initiatives. Founded back in 2021, the company employs 79 people.
[00:04:57] Another one. San Francisco-based lattice has unveiled lattice AI, an artificial intelligence
[00:05:04] integration into its HR software suite aimed at making the employee experience more human.
[00:05:11] Powered by OpenAI, the tool analyzes employee survey comments to ensure their voices are
[00:05:16] heard and provides actionable insights for HR teams and managers. The introduction of AI-powered
[00:05:23] performance reviews and other features is also planned. In case you missed it, lattice
[00:05:28] is a people platform used by 5,000 HR teams worldwide offering performance management, engagement
[00:05:36] growth, compensation, HRIS, and analytics solutions. Founded in 2015, lattice employs 636
[00:05:46] people. Another one. Remote Pass, based in Abu Dhabi, has secured 5.5 million dollars
[00:05:54] in Series A funding, bringing its total to 10.5 million dollars. Remote Pass says it
[00:06:01] offers a comprehensive HR and Fintech platform catering to startups and large enterprises
[00:06:07] like Spotify and Logitech. The platform facilitates onboarding management and payment of talent
[00:06:14] in countries where companies lack a local legal presence. Additionally, the platform promises
[00:06:20] into and contractor management, employer of record services and relocation support, enabling
[00:06:27] clients to hire employees and contractors globally across more than 150 countries. Founded
[00:06:35] in 2020, the company employs 62 people. Another one. Dallas-based Tango, a cloud-based
[00:06:43] real estate management software provider, has acquired Zurich-based locati, a workplace
[00:06:49] analytics solution in a private transaction. The acquisition aims to offer organizations
[00:06:55] comprehensive occupancy insights, aiding and strategic decisions, space utilization,
[00:07:01] and employee satisfaction. Tango will leverage locati's occupancy data platform to enhance
[00:07:08] its AI and ML capabilities. The combined business based in Dallas, New York, and Zurich
[00:07:15] will serve over 500 customers and more than 140 countries offering integrated workplace
[00:07:21] management solutions. Financial terms of the transaction were not disclosed. Founded
[00:07:27] in 2013, locati employs 22 people while Tango employs 233.
[00:07:37] Another San Francisco startup, RIMO First, has secured a $25 million series of funding
[00:07:44] bringing its total to $39.4 million. Founded by immigrants from Kazakhstan and Ukraine,
[00:07:51] RIMO First promises an affordable and easy-to-use solution for managing full-time employees
[00:07:57] and contractors in over 180 countries. The company says the cash will fuel the development
[00:08:03] of new products and services, as well as recruit key executives focusing on the company's
[00:08:09] plans to expand its presence in international markets, particularly in the UK. Founded
[00:08:16] in 2021, the company employs 80 people. And keeping things in San Francisco are friends
[00:08:23] at Aim Group who do a yearly analysis of Craigslist's revenue, said in its latest report,
[00:08:30] quote, Craigslist is still the number one general classified site in the United States,
[00:08:36] but the dinosaur may be slowly headed to extinction. The site, which hasn't evolved much
[00:08:43] since the 90s, peaked in 2018 with over a billion dollars in revenue. But today that is
[00:08:50] a little more than a third at $379 million annually with 173 million visitors down from
[00:08:59] a peak of $437 million in 2019 monthly. In 2023, Craigslist generated the majority
[00:09:08] of its revenue from jobs, some 40% or $57.5 million. Aim estimates costs are only about 15%
[00:09:18] of revenue. Founded in 1995, Craigslist employs a little over 500 people.
[00:09:26] Another one. Guys, all employee data is provided by our friends at LinkedIn. Be sure to tune
[00:09:31] into the weekly show for this and more news and commentary from the world of recruiting.
[00:09:36] Big thanks to Job Case for supporting the shred. No matter the size of your company,
[00:09:41] you can quickly find great workers in the Job Case community whether you need one employee
[00:09:46] around the corner or want to hire hundreds across the country. Job Case helps you find the right people.
[00:09:51] Fast. Hit up jobcase.com backslash hire today to learn more of that's jobcase.com backslash hire.
[00:10:07] Adios, turd nuggets.
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