Jobbatical finishes year with over €400,000 deficit (2)
IT-field labor recruitment firm Jobbatical OÜ, which has received over 100,000 euros in support from Estonian Development Fund investment arm SmartCap, among other investors, posted total losses of 410,477 euros in 2015 according to its annual report.
At the same time, revenue for the reporting year totaled 5,289 euros. At the proposal of its board of directors, the business will cover the 410,477-euro loss out of the profits of future periods.
Jobbatical's losses over two years now total 469,805 euros.
"The business' goal during this reporting year was network growth, and in 2016 [the business] will begin client-oriented financial sales activities," read the report.
In 2015, Jobbatical racked up 510,000 euros in investments and signed an agreement for investments totaling over 2 million US dollars from venture capitalists in the US and UK. The agreement became contractual at the beginning of 2016. Venture capital firms Union Square Ventures, venture capitalist Saul Klein and SmartCap, the investment arm of the state Estonian Development Fund, invested 1.9 million euros into the employment portal created by Estonians.
Of this sum, a total of 130,000 euros was invested by SmartCap.
In 2015, an average of five employees worked for the business, of which three were members of its managing board. The year's total payroll, including social taxes, amounted to 115,483, of which 41,068 made up the board salary fund.
"The focus of 2016 is product development, network growth and the testing of finance models in order to arrive at the right monetization solution," read the annual report. "Likewise there is a focus on expansion into Asia and the opening of an office and cultivation of a team in Singapore."
Founded in 2014 by Estonians Karoli Hindriks, Ronald Hindriks and Allan Mäeots, Jobbatical helps connect globally mobile tech-field employees on sanctioned leave from their employers with employers seeking to hire highly skilled professionals for short term projects primarily one year in length.