InternMatch just announced a new $4 million Series A round of funding led by Artis Ventures and Subtraction Capital, and included new investments from previous investors 500 Startups, Kapor Capital, Rudy Gadre and others.
The online internship service said it plans to use the funding to expand its team, build the marketplace, and invest in developing data-powered technology.
“InternMatch will use the additional funding to grow both engineering and sales. The larger engineering team will support the rapid scaling of our user-base and allow InternMatch to invest additional resources in product, particularly data-driven recommendation technology,” Andrew Maguire, founder and CEO of InternMatch said. “The sales team will handle the enormous influx of inbound leads (300 new companies sign up weekly) and expand our national imprint of enterprise customers.”
Working off only a small amount of funding, InternMatch has quickly grown to offer the largest database of college internships online. The site receives more than 650,000 unique students each month and more than 150,000 applications. The company said the high volume of activity gives it insight into how Millennials are starting their careers, information InternMatch can use to improve the hiring process for both students and employers.
“One of the major challenges in finding great internships and jobs today is distinguishing the signal from the noise,” Maguire said. “Every student has different interests, experiences, and requirements for work. At InternMatch, we can use the enormous amount of data at our disposal to help students discover relevant opportunities they would have never found through traditional keyword search.”
InternMatch is also building a searchable database of students for employers that want to hire candidates proactively. When employers find students who are a good fit, they can direct them to their Campus Hub, which contains rich content about their team, culture and internship roles. Campus Hub partners include Facebook, Viacom, Yahoo!, Nestle, NetApp and many others.
“InternMatch already engages in high levels of student-targeting to drive relevant applicant flow for our partners,” Maguire said. “With additional funding, however, we will invest in increasingly sophisticated targeting and empower recruiters to take additional ownership over the process of identifying and attracting the right talent.”