Contract, self-employed and temporary jobs are on the rise in developed markets, with some 85% of the global workforce, 2.7 billion people, estimated to be on some form of hourly wage rather than flat salary.
Today, a startup that helps companies source these kinds of candidates is announcing a round of funding to help meet that demand.
Fountain, which has built a platform to find and screen candidates for field roles — not knowledge-worker desk jobs, but hourly work that likely has you on your feet — has raised $23 million, money that it will be using to continue expanding its platform, the kinds of services it provides to its customers and its geographical footprint.
Fountain already has some scale: The company currently sources and processes more than 1 million inbound candidate applications each month, filling some 150,000 jobs in the process, CEO and founder Keith Ryu said in an interview.
In addition to building engines to source candidates through a number of channels, such as traditional job boards, social media channels, a company’s own site and more, Fountain then helps with screening, interview scheduling, background checks (using third-party providers for this part), communicating with the candidate, handling the paperwork and, finally, onboarding.
Led by DCM, this latest round also included a potentially strategic backer, the Chinese recruitment site 51job, as well as Origin Ventures, Uncork Capital and others that are not being named.