PRESS: Russia’s Flint Capital leads in $20 mln invest in JobToday

MOSCOW, Nov 10 (PRIME) -- Russian venture fund Flint Capital has led in a U.S. $20 million contribution, along with German, Spanish and U.K. media companies, to mobile application JobToday, focused on low-skilled recruiting for retail and hotels, business daily Kommersant reported Thursday, citing Flint Capital’s partner Andrei Gershfeld.

“JobToday actively plays on the market of recruiting of low-skilled workforce, whose volume is at $270 billion,” Gershfeld said.

JobToday’s existing shareholders Accel Partners, Mangrove Capital Partners and Felix Ventures also took part in the round of investments. The new holders include German Media Pool VC, Spain’s Atresmedia and the U.K.’s Channel 4.

Gershfeld said it was agreed with the media holdings to pay for JobToday’s stakes with money and advertising time under the media-for-equity model. The value of the company or shares was not disclosed. The controlling stake at JobToday is kept by its founders Polina Montano and Yevgeny Mizin.

Employers and job seekers create a profile in the application and list key details of vacancies and skills and then exchange messages to clarify all the points. The service works in France, Spain and the U.K.

The received money will be spent on expansion in other European counties and the U.S.

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