Total amount raised
$23.9 Millions
Latest funding date
Location
Otta has successfully raised funding through a Series A round, with investors including Founder Collective and LocalGlobe. The platform focuses on providing a candidate-first job search experience, aiming to help users find fulfilling roles in the tech industry.
Keep reading to explore the intricacies of Otta's fundraising journey and the investors backing this innovative platform.
What Is Otta?
Otta, founded on June 1, 2019, is a job search platform based in London, England. The company focuses on providing a candidate-first experience to help users find fulfilling roles in the tech industry. Otta was founded by Sam Franklin, Theo Margolius, and Xav Kearney.
With a team of 101-250 employees, Otta aims to improve the job search process by offering detailed job information and support. The platform emphasizes finding the right job at the right company, providing tailored recommendations and clear job descriptions.
Otta's mission is to bring excitement back to the world of work by helping candidates discover the best job matches and apply smarter. The company is now operating under the name "Welcome to the Jungle UK."
How Much Funding Has Otta Raised?
- Series A
- Amount Raised: $20M
- Date: January 2022
- Lead Investors: Tiger Global Management, LocalGlobe, Founder Collective
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand Otta's presence in the American market and double the Product and Engineering team in London.
- Seed Round
- Amount Raised: $3.1M
- Date: June 2020
- Lead Investors: LocalGlobe
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's mission of providing a better job search experience in the tech industry.
- Pre-Seed Round
- Amount Raised: $1.1M
- Date: December 2019
- Lead Investors: LocalGlobe
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch the platform and begin offering its candidate-first job search experience.
Total Amount Raised: $24.2M. Current Valuation: Not publicly disclosed.
Key Investors
- Tiger Global Management
- Details: Tiger Global Management is a leading global investment firm that focuses on private and public companies in the technology, internet, and software sectors. The firm has a strong track record of backing high-growth companies worldwide.
- Investment Focus Areas: Technology, internet, software, consumer, financial technology.
- Notable Investments: Facebook, LinkedIn, Spotify.
- LocalGlobe
- Details: LocalGlobe is a venture capital firm that specializes in seed and impact investments. The firm has a history of supporting early-stage technology startups and helping them scale.
- Investment Focus Areas: Technology startups, innovation, early-stage investments.
- Notable Investments: TransferWise, Zoopla, Citymapper.
- Founder Collective
- Details: Founder Collective is a seed-stage venture capital firm that aims to be the most aligned fund for founders at the seed stage. The firm is known for its hands-on approach and founder-friendly ethos.
- Investment Focus Areas: Seed-stage investments across various sectors.
- Notable Investments: Uber, BuzzFeed, HotelTonight.
- Paul Forster
- Details: Paul Forster is the co-founder of Indeed, one of the world's largest job search engines. He is an experienced entrepreneur and angel investor in the HR technology space.
- Investment Focus Areas: Job platforms, HR technology.
- Notable Investments: Indeed.
- Alex Bouaziz
- Details: Alex Bouaziz is the co-founder of Deel, a global payroll and compliance platform. He is known for his expertise in HR and payroll technology.
- Investment Focus Areas: HR technology, payroll technology.
- Notable Investments: Deel.
What's Next for Otta?
Otta is poised to capitalize on the "Great Resignation" by expanding into the American market and doubling its Product and Engineering team in London. With over 250,000 companies growing headcount by 20%+ annually, the opportunity is vast. The platform's candidate-first approach aligns well with the increasing demand for meaningful work and remote opportunities.
Future fundraising seems likely as Otta scales its operations and market presence. The rapid growth and significant market opportunity suggest that additional funding rounds could support further expansion and innovation. However, challenges such as competing with established platforms like LinkedIn and maintaining growth momentum will need to be navigated carefully.
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