Internet recruitment system co Redmatch raises $3m

US media company TownNews led the round.

Batya Feldman 31 Oct 04 17:51

Start-up Redmatch Ltd. has raised $3 million in its second financing round led by US media company TownNews, which helps 850 US daily and weekly newspapers publish online editions. Redmatch's existing shareholders and private investors also participated in the round. The investment is intended to increase Redmatch's share of the online US classified ads market. Redmatch raised $3 million a year ago in a financing round led by DZ Israel Associates, the only venture capital fund to invest in the company, and private investors. Redmatch is developing a smart help-wanted platform that offers salaries analysis, jobs and employees search functions. The system can tell a person if his or her salary reflections his or her market worth, whether there are suitable positions available, even if he or she is not seeking a job. The system enables employers to screen candidates for jobs, and make smart searches for candidates for available positions. The system can be set to automatically match job-seekers with suitable jobs, and enable them to call anonymously. Redmatch's revenue from the US and Europe is reportedly $4 million a year. Redmatch cofounder, president, and COO Daniel Avidor yesterday said the break into the US market had been difficult, but the company began consolidating its position as the leader in the US online help-wanted ads market beginning in February. TownNews therefore showed an interest in the company. "As of a month ago, our company had the second largest job listing in the US. The proceeds from the financing round are designated for opening an office in the US, in order to achieve our sales target of $57 million in 2007," said Avidor. He predicts that the company will become profitable in 2006. Redmatch chairman Alan Schonberg predicts Redmatch will reach $2 million in revenue in 2004. Schonberg is also co-chairman of the Ohio-Israel Chamber of Commerce.