KODA Secures Additional $1.5 Million in Private Funding

SAN FRANCISCO and NEW ORLEANS, Feb. 24 /PRNewswire/ -- KODA.us, the premier online community for employers to recruit young professionals, announced today that it received an additional $1.5 million infusion in private angel funding. The funds will support the company's growing user base and continued community expansion.

KODA's new financial investment underscores the significant business opportunity involved in using social networking tools to transform the online recruiting space. KODA challenges traditional resources like classifieds and job boards by getting back to the basics: allowing principal parties direct and frequent contact in a fresh, professional environment.

Born out of the founder's own job search frustrations as a recent Tulane graduate in a post-Katrina New Orleans, KODA was designed to fill the gap left by social and professional networks and job boards:

• Social networks are for socializing, not for finding a job.
• Online professional networks only work for those with already-existing contacts after several years of work experience.
• Traditional resumes and job boards are impersonal and static – a growing frustration for a generation that is accustomed to wide-open communication channels.

"We are committed to challenging a recruitment industry that doesn't work for today's young job seekers. I know, because I was one of them," said Jeff Berger, CEO and co-founder of KODA. "This latest investment underscores the belief that we are creating a lasting solution with KODA. We plan to use the funds to expand our community solutions for both job seekers and employers."

Since launching in mid-2009, KODA's employer network has grown to more than 450 organizations including Fortune 500 companies. KODA currently has thousands of young job candidates who have created profiles that allow employers to learn about their unique attributes – the characteristics that typically aren't revealed until the interview process begins.  In turn, employers can provide a complete picture of their organization, culture and strategic differences on their own profile pages.

KODA recently announced the selection of Michelle Slagle, the former Chief Financial Officer for both JobFox.com and CareerBuilder.com, as the company's Chief Operating Officer.  The $1.5 million will be used for operations and product development to enhance the seeker experience and to make the KODA community more interactive.  

About KODA

KODA's mission is to introduce today's young professionals to the world's employers. Since launching in May 2009, more than 450 employers including Fortune 500 market leaders have been using the site. KODA is changing the landscape of social recruiting through technology innovation that encourages self-expression. The premier online community for employers to recruit young professionals, KODA is a privately held company headquartered in San Francisco, CA and New Orleans, LA. New Orleans' CityBusiness recently named the company a "2009 Innovator of the Year."

SOURCE KODA

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