HireVue Secures Funding Anchored by Peterson Ventures
September 30, 2009/Business Wire- HireVue, the leading provider of video interviewing solutions, announced today that it has secured a Series A round of funding led by Peterson Ventures. Peterson Ventures is joined by The Garber Fund of Penn State University and a number of strategic investors to help fund HireVue’s continuing growth.
“All of our investment partners offer much more than capital. In the few short months of partnership, their entrepreneurial know-how, expertise in the human capital space, and experience in building great companies, has already proven crucial to our recent growth and will continue be a catalyst to our future growth.”
In the past 12 months, HireVue has experienced greater than 500% growth in interviews and expanded their customer base to include a number of the Fortune 500 including Dish Network, CDW, and Murphy Oil. HireVue also recently announced a key strategic partnership that makes their video interviewing solutions available to thousands of employers through talent management software giant Taleo. HireVue was also named HR Product of the Year for 2009 by Human Resource Executive ® magazine just two weeks ago.
“This is a great time to invest in HireVue,” said Brandon Cope of Peterson Ventures. “It’s exciting to partner with a company in this stage of explosive growth. They provide an offering that is quite compelling for employers given the advancement in technology, the globalization of business, and the downturn of the economy. We believe HireVue will create value for the world’s leading organizations by helping them acquire their most important asset—their people—in the shortest amount of time and at the lowest cost.”
Employers use HireVue to screen candidates with Virtual Video Interviews where the employer defines a set of questions that are answered by the candidate over the Internet via webcam. Clients also use HireVue’s Live Video Interviews to interview candidates via online videoconference. Both types of interviews are recorded and stored in HireVue’s proprietary and secure system for review. Interviews can be taken from any location with an Internet connection and many employers set up on-site video kiosks for high volume hiring. Webcams and technical support are included with every video interview. The HireVue solution can be used directly from www.hirevue.com or through the newly announced integration with Taleo Enterprise.
HireVue will use the new funds to add to its world-class management team, strengthen market awareness, and make product enhancements that will greatly increase the value of the HireVue system to the market.
“We are fortunate to have Peterson Ventures and the Garber Fund as partners,” says HireVue CEO Mark Newman. “All of our investment partners offer much more than capital. In the few short months of partnership, their entrepreneurial know-how, expertise in the human capital space, and experience in building great companies, has already proven crucial to our recent growth and will continue be a catalyst to our future growth.”
About Peterson Ventures
Based in Salt Lake City, UT, Peterson Ventures is an investment firm that seeks to partner with outstanding entrepreneurs and founders of great companies. Founded by JetBlue Chairman and current faculty member at Stanford’s Graduate school of Business Joel Peterson, Peterson Ventures make investments across all stages of a company’s growth. Specifically, they invest in search funds, seed- and early-stage companies, and small, later-stage companies that have revenues less than $10 million and positive EBITDA. They have invested in some of the world’s leading companies like Asurion and JetBlue. www.petersonventures.com
About The Garber Fund
The Garber Fund was established in 1999 with a $5 million commitment from Penn State alumnus John Garber and his wife Bette to bring reality to the teaching of entrepreneurship and venture capital. The fund is part of the Nittany Lion Venture Capital Association (NLVC), an MBA student-run management group that works with small companies and other investment groups in early stage business planning, execution, and due-diligence assignments. NLVC forms part of Smeal’s highly acclaimed entrepreneurship program, in which students are immersed in real-life situations throughout their studies.
Founded in 2004, HireVue is the world’s leading online video-interviewing solution that brings talent into focus right from the start – cutting down on the time and money it takes to make important hiring decisions. Today, HireVue is used in over 90 countries around the globe. HireVue’s full service video interviews eliminate travel costs, reduce recruitment time and provide greater candidate insight earlier in the hiring process than ever before. HireVue is used by the world’s most innovative leaders in talent acquisition like the African Development Bank, Google, Dish Network, Rio Tinto, ITT and many others. Led by a veteran team of Human Capital Management experts, HireVue combines superior service with superior solutions to power any video used in the hiring process anywhere in the world.
For more information please visit: www.hirevue.com. For up to the minute news about HireVue, follow HireVue on Twitter here.
HireVue, Salt Lake City
Chris Higbee, 801-415-9485