X is hurting, LinkedIn is not: news of the job board industry

X is hurting – ok, that’s not really news. But the fact that LinkedIn is benefiting? Well, that is! I think it’s one sign of instability in the ad market – and of course we know that on top of that, AI will contribute both growth AND instability everywhere, right? We’ve got a bit of each in this week’s newsletter – so let’s get started:

• X is seeing an exodus of ad dollars – and LinkedIn is benefiting: LinkedIn is seeing a surge in demand for digital advertising space from brands — especially those looking to part ways with Elon Musk’s X. And it’s helping the company charge more. X is hurting – there’s been a mass exodus of advertisers from the platform. Major companies from IBM to Apple to Disney have pulled ads from X  following reports they were being displayed next to pro-Nazi posts and that Musk was doubling down on antisemitic comments. LinkedIn seems to have presented itself as a more hospitable alternative, telling brands they could “work with a partner who respects the world you operate in”. I suspect this goes double for X’s job ad program!
• Job&Talent adds in-app hiring: Spain-based workforce-as-a-service provider Job&Talent has added a hiring tab to its Job&Talent business app. As a result, new job requests can now be created within the app. Revenue at Job&Talent rose by more than 90% to €1.9 billion ($2.0 billion U.S.) in 2022. The company operates in 11 countries across Europe and the Americas. We may see more of this!
• Gig marketplace Jitjatjo raises $30M: Jitjatjo, a gig marketplace through which businesses can book workers with as little as an hour’s notice, announced that it raised $30 million in a Series B funding round. The new cash, which brings Jitjatjo’s total raised to around $65 million, will be put toward bringing the platform to new markets and supporting Jitjatjo’s go-to-market strategy, co-founder and CEO Tim Chatfield said. Jitjatjo also offers users a benefits package, Better, which provides life insurance, accidental death and dismemberment insurance, counseling services and prescription discounts along with money-saving offers at retail. For an additional $1 per week, workers can get additional insurance coverage, pet wellness and roadside assistance through insurance startup Avibra. Intriguing.
• Funke acquires Truffls: Yes, you read that right! Funke Digital, a branch of Germany-based Funke Media Group, has acquired the recruitment app Truffls for an undisclosed sum. The latter’s 30-strong team will be transferred to the Funke Works unit, where six other job portals are already bundled. Founded in 2014, Truffls operates like online dating portals by enabling job-seekers to apply quickly for positions by swiping left or right on the offers they are shown. Seems like I’ve seen this one before…
• iHire expands outsourced recruitment services & solutions: iHire has expanded its outsourced recruitment services and solutions, providing full-cycle hiring support to help businesses find qualified talent efficiently and effectively. Tailored to each clients’ needs, iHire’s Recruitment Services can handle all aspects of the recruiting process, including optimizing job ads, screening candidates, conducting interviews, managing offers, facilitating onboarding, and more. All job openings are advertised on iHire’s platform and with other industry partners for an extra-wide reach. iHire’s team also actively sources passive candidates from its extensive resume database and other sources, and even helps clients make their final decision on whom to hire. Interesting.
• AI for job matching comes to JobStreet: Malaysia-based JobStreet is working to incorporate AI software developed by its Australia-based parent company Seek to improve job matching, enhance the user experience and provide deeper insights into its job board. The job board will use AI to assess talent sustainability, shortlist applications and provide personalized recommendations. According to JobStreet, this project will be completed next year. In other words, not just yet…
• Bubty lands funding: Staff recruitment and management platform Bubty announced that it had raised $1.9 million in seed funding. The company has developed AI-driven technology that lets companies move away from traditional third-party marketplaces and build their own internal, private talent pools. Furthermore, payments via Bubty’s technology fully comply with international regulations, enabling companies in over 190 countries to hire, contract and pay freelancers. Interesting model.
• Welcome to the Jungle picks up Otta.com: France-based job board Welcome To The Jungle has acquired tech recruiter Otta. Welcome To The Jungle helps companies recruit new staff by creating candidate profiles. It raised $54.0 million in a Series C funding round in January last year. Otta could be called a next-generation job board. Intriguing.
• HRtechjob launches: HRTechJob.com, a niche job board for HR technology professionals, has launched as the latest project from RecTechMedia. The site includes curated job postings, advanced search filters, company profiles, and career resources. Vendors can purchase a variety of job posting options for a s little as $49. Job scraping is available. Congrats!
• A chatbot for freelance project matching?: South Korea-based tech freelancer marketplace Wishket will introduce a chatbot powered by OpenAI’s large language model GPT-4 to improve project matching. The chatbot has been trained on 50,000 project requests and 120,000 profilers of freelancers and developers and will recommend projects and tech specialists to users, according to the company. Wishket, which has secured KRW10 billion i($7.8 million U.S.) in funding to date, is currently beta-testing a job site for IT professionals. Is this our future?
• Jobiqo launches GenAI-powered consultant for job boards:  Jobiqo has launched a custom generative AI (GenAI) tool for job board operators called Job Board Advisor. This GenAI-powered consultant can help users learn more about job boards and how to efficiently launch or grow one, the company asserts. By using ChatGPT and adding its own resources, including whitepapers on job board strategies, Job Board Advisor has been trained to function as an expert on the world of job boards, according to Jobiqo. According to Job Board Advisor itself, it understands various job board models — traditional, aggregator, hybrid, candidate-pay, sourcing site and professional network. Hmm….competition for the Doctor??

Interesting stuff, eh? Funding is still out there, apparently, and acquisitions are continuing – not to mention more AI integrations. Wonder what the coming month will bring?

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