Life is pretty good for the anonymous employee review business. In fact, Glassdoor can now give 1.2 billion reasons why it’s good to be in the ratings space. A such, it’s no surprise to see others hoping to cash in on the trend.
Enter Fairygodboss, a Glassdoor for women, if you will, which announced this week that it has raised $3 million in venture capital. The company launched in 2015 and competes with other sites targeting gender specific reviews like InHerSight and WomenHack. This financing round closed on April 30 and brings the total capital raised to $4 million.
“We are thrilled to announce that Fairygodboss has received a major venture capital investment from GSV Acceleration,” said the company’s cofounders, Georgene Huang and Romy Newman in a blog post. “This new financing is going to help us build our product and our team so that Fairygodboss continues to be the largest and fastest-growing career community for women.”
There’s a good chance it timed the funding just right. With the announcement of Indeed and Glassdoor likely joining forces in the new future, thanks to now having the same owner, a lot more companies could look to get into the popular employee review market to either compete with this new wonder-twin or grab a piece of the pie. LinkedIn, for example, has been dipping its toe into reviews, and Google has historically been interested in such content competing with the likes of Yelp.
On the other end of the scale, women will likely continue to be a popular vertical, along with all-things-diversity, in the employment space. And with new funding, Fairygodboss is in a position of strength to get acquired down the road.
“We’re thrilled to have GSV Acceleration as a partner in our mission to improve the workplace for women,” said Huang, Fairygodboss, also the company’s CEO. “In three years, we’ve grown to reach more than 1 million women a month and have over 60 corporate partners. This funding will enable us to reach even more women and grow our business.”