CornerJob named Spain’s fastest growing company
31 Mar 2017
Mobile recruitment platform CornerJob has been named the fastest growing company in Spain, with reported revenue growth of 5,000 percent in the past five months. The growth figure was announced at the Tech 5 awards event organized by digital magazine TheNextWeb.com to honor Europe’s most rapidly growing tech companies.
Spanish newspaper El Pais reported that to be considered for the awards, companies had to have an “initial minimum revenue” of €200,000 ($213,000 U.S.). It was not clear from the report whether that figure was used as the basis to calculate growth, or was the minimum amount of historical revenue for a contender, with growth calculated from a different figure, such as average monthly income.
If the former, this would suggest CornerJob has earned revenue in excess of €10 million in the past few months.
CEO David Rodriguez declined to comment on the company’s actual revenue, citing confidentiality. What is known is that the company has taken around $50 million in three rounds of investment to date (CrunchBase data here). Its 13 investors should be delighted with the growth trend, regardless of absolute income at this point.
CornerJob was co-founded by Rodriguez, Mauro Maltagliati former director of LetsBonus in Italy, and Gerard Olivé and Miguel Vicente, best known for their roles as co-founders of richly funded marketplace app Wallapop. Like Wallapop, CornerJob has been using TV advertising to build a massive user base.
Its growth was impressive from the start. As previously reported by us, it facilitated 100,000 work contracts in its first five months (article here). The app targets 18- to 30-year-olds looking for blue-collar jobs.
Speaking to El Pais, Rodriguez noted that while the white-collar and professional sectors were well served by job sites, this demographic was not. The app uses geo-location to serve location-based ads with 140-character job descriptions. It promises a response from employers in 24 hours, enabling users to accept or quickly move on with their job search.
CornerJob launched in Italy and France in 2015, expanding to Spain and Mexico in 2016. Its next objective is to open for business in Germany and the U.S.. Clients include multinational corporations, such as Burger King, Häagen-Dazs and McDonalds, which combine high demand for employees with plenty of money to spend on recruitment.
This combination may be the reason CornerJob is winning awards for its revenue, while stuff app Wallapop, with whom it shares co-founders, is still in the early stages of income growth. “There is a lot of uncertainty over how companies like us are going to make money,” Wallapop CEO and co-founder Agustin Gomez told us in February of this year. “We have taken the first step, which is winning the horizontal market in Spain.”
CornerJob, in contrast, waited to launch in Spain, because of the competition (which includes JobToday and Jobandtalent). Yet it has enjoyed notable revenue growth.
This points to a reality that all classified start-ups face sooner or later: audience does not equal income. Having a robust user base opens all kinds of business opportunities, but generating revenue may require more time, effort and ingenuity. Sectors like recruitment, where employers (advertisers) are used to pay for advertising, offer the possibility of more immediate financial gain.