Renren Headhunting is a crowdsourcing recruiting service targeted at medium- and high-tier TMT talent markets. The company has received tens of millions yuan in angel investment and millions of dollars from KPCB in Series A financing this year.
According to the company’s CEO Wang Yuhao, Renren Headhunting has covered 6 million users via its homegrown products and cooperative partner platforms. More than 3,000 enterprises have settled in the platform, posting thousands of job positions with a successful recommendation rate of around 20%. The company’s monthly revenue stands at millions of yuan, mainly from service commissions and advertisements.
Wang added that the capital raised in previous financing rounds will be injected in product research and development. Crowdsourcing is just the first step in the company’s development strategy. They have established cooperation relationships with other platforms, where the job vacancies can gain a bigger audience. In addition, Renren Headhunting introduced gamification to their product, copying the mission competition and reward mechanism availed in games.
The company planned to expand business to other fields besides TMT sector after a successful business model is established.