EmployOn(SM) Closes $16 Million Round of Funding with Continued Support for Dramatic Growth of Job Search/Recruitment Business

Investor confidence a result of continued growth



Apr 16, 2001, 01:00 ET from EmployOn

    CLEVELAND, April 16 /PRNewswire/ -- EmployOn, Inc., the largest aggregator
 of career opportunities on the Internet, announced today it has completed its
 Series A round of investment with a total of $16 million raised.  The
 $16 million round includes an additional $4 million investment from Crystal
 Internet Venture Funds, Doll Capital Management (DCM) and from the president
 and CEO of EmployOn, Jim Bennett.
     Since its inception, EmployOn has grown its jobs website,
 www.grassisgreener.com , to 8 million jobs, 25 times larger than the average
 of the top five most visited job boards.  It has also grown its resume
 database to 1.8 million, one of the top three in the industry.  The Company's
 corporate client base has grown from 10 to 130 firms in under three months.
 This early success and growth has led investors to respond with additional
 funds to support a national roll out plan.
     "Considering the existing economic climate, this latest investment in
 EmployOn reaffirms our business model," said Bennett.  "I've invested in the
 company because I'm confident our combination of job aggregation, superior
 proprietary search technology, value-added human capital management and
 understanding of the marketplace -- including a revenue model based on
 subscriptions rather than advertising -- sets us apart.  We are a competitive
 difference-maker for recruiters and human resources professionals."
     Tom Blaisdell, partner with the Menlo Park, California-based venture firm
 DCM, said his firm exercised its option to increase its investment in EmployOn
 because they believe the company has already proven it will make a lasting
 difference in human capital management.
     "EmployOn provides a unique solution to the challenges facing recruitment
 professionals -- finding the best candidates, quicker and more cost-
 effectively," Blaisdell said.  "Their technology, developed by recruiters who
 understand these challenges, provides companies with the most direct and
 efficient way to find the best available job candidates. For any company, that
 continues to be the single most critical directive."
     EmployOn serves job seekers through its consumer website
 www.grassisgreener.com and employers and recruiters looking for candidates
 through www.employon.com .  Both sites use EmployOn's proprietary search
 technology, Match Engine(SM), that provides an easy-to-use, practical search
 capability, using concepts in addition to keywords.  GrassIsGreener.com offers
 free searching of more than 8 million jobs available from more than 107,000
 sites.  At EmployOn.com, employers and recruiters pay a fee for access to
 1.8 million job seeker resumes.  EmployOn also uses its jobs, resumes, and
 technology to develop customized solutions for partner websites looking to
 increase traffic and revenues.
     Daniel Kellogg, managing director for Crystal Internet Venture Funds in
 Cleveland, Ohio, said, "The great work being done by Jim Bennett and the
 management team merits this investment.  We're all fully aware of the general
 disappointment within the Internet stock investment environment, but we
 believe EmployOn is a leader of the new breed of companies that combine the
 efficiencies of the Internet with experienced management, an exceptional
 business model and a solid vision.
     For more information, visit www.employon.com or www.grassisgreener.com .
 
     About EmployOn(SM) and GrassIsGreener.com(SM)
     Cleveland-based EmployOn is the premier provider of recruitment solutions
 and the largest value-added aggregator of career opportunities on the
 Internet.  The company offers unbundled recruiting services including resume
 database access to employers and recruiters. Its consumer website,
 GrassIsGreener.com, is the first to give individuals the tools to access more
 than 8 million jobs, the first to offer one-click access to jobs spread across
 more than 107,000 websites.  EmployOn's proprietary Match Engine search
 technology permits continual searching of repeatedly updated inventories of
 both jobs and resumes with a degree of accuracy currently unavailable in the
 employment sector of the Internet.  EmployOn is headed by Jim Bennett, a
 30-year McKinsey & Company veteran who was previously senior executive vice
 president of KeyCorp, and is backed by Crystal Internet Venture Funds, Doll
 Capital Management (DCM) and private investors.
 
     About Doll Capital Management (DCM)
     Doll Capital Management (DCM) is a top-performing venture capital firm
 managing over $1 billion in assets committed to early-stage communications and
 Internet companies. The firm's Partners, Dixon Doll, David Chao, Peter Moran,
 Rob Theis, Tom Blaisdell, and Eric Gonzales have many years of operational and
 company-building experience and have funded some of the world's leading
 communications and Internet companies such as @Motion (OPWV), About.com
 (BOUT), Bridge (COMS), Foundry Networks (FDRY), InterNAP (INAP), IPivot
 (Intel), Mobileum, UUNet (Worldcom), 2Wire and 51Net.  For more information on
 DCM, please visit www.dcmvc.com or call (650) 233-1400.
 
     About Crystal Internet Venture Funds
     Established in January 1997, Crystal Internet Venture Funds, LP was formed
 to focus on investing solely in Internet and Internet-related opportunities.
 Internet companies include software, hardware, access, security, content, and
 vertical applications. The firm currently has $240 million of capital under
 management with their primary concentration being the funding and development
 of early stage companies.  The firm's partners include Joseph Tzeng, Daniel
 Kellogg, Howard Lee and Brian Goncher who have funded some of the leading
 Internet ventures including About.com (BOUT), Babycenter (ETYS), Cobalt
 Networks (COBT), ECCubed, Ejasent, RoweCom (ROWE) and Magnifi.  For more
 information on Crystal Internet Venture Funds, please visit
 www.crystalventure.com or email info@crystalventure.com .
 
 

SOURCE EmployOn
    CLEVELAND, April 16 /PRNewswire/ -- EmployOn, Inc., the largest aggregator
 of career opportunities on the Internet, announced today it has completed its
 Series A round of investment with a total of $16 million raised.  The
 $16 million round includes an additional $4 million investment from Crystal
 Internet Venture Funds, Doll Capital Management (DCM) and from the president
 and CEO of EmployOn, Jim Bennett.
     Since its inception, EmployOn has grown its jobs website,
 www.grassisgreener.com , to 8 million jobs, 25 times larger than the average
 of the top five most visited job boards.  It has also grown its resume
 database to 1.8 million, one of the top three in the industry.  The Company's
 corporate client base has grown from 10 to 130 firms in under three months.
 This early success and growth has led investors to respond with additional
 funds to support a national roll out plan.
     "Considering the existing economic climate, this latest investment in
 EmployOn reaffirms our business model," said Bennett.  "I've invested in the
 company because I'm confident our combination of job aggregation, superior
 proprietary search technology, value-added human capital management and
 understanding of the marketplace -- including a revenue model based on
 subscriptions rather than advertising -- sets us apart.  We are a competitive
 difference-maker for recruiters and human resources professionals."
     Tom Blaisdell, partner with the Menlo Park, California-based venture firm
 DCM, said his firm exercised its option to increase its investment in EmployOn
 because they believe the company has already proven it will make a lasting
 difference in human capital management.
     "EmployOn provides a unique solution to the challenges facing recruitment
 professionals -- finding the best candidates, quicker and more cost-
 effectively," Blaisdell said.  "Their technology, developed by recruiters who
 understand these challenges, provides companies with the most direct and
 efficient way to find the best available job candidates. For any company, that
 continues to be the single most critical directive."
     EmployOn serves job seekers through its consumer website
 www.grassisgreener.com and employers and recruiters looking for candidates
 through www.employon.com .  Both sites use EmployOn's proprietary search
 technology, Match Engine(SM), that provides an easy-to-use, practical search
 capability, using concepts in addition to keywords.  GrassIsGreener.com offers
 free searching of more than 8 million jobs available from more than 107,000
 sites.  At EmployOn.com, employers and recruiters pay a fee for access to
 1.8 million job seeker resumes.  EmployOn also uses its jobs, resumes, and
 technology to develop customized solutions for partner websites looking to
 increase traffic and revenues.
     Daniel Kellogg, managing director for Crystal Internet Venture Funds in
 Cleveland, Ohio, said, "The great work being done by Jim Bennett and the
 management team merits this investment.  We're all fully aware of the general
 disappointment within the Internet stock investment environment, but we
 believe EmployOn is a leader of the new breed of companies that combine the
 efficiencies of the Internet with experienced management, an exceptional
 business model and a solid vision.
     For more information, visit www.employon.com or www.grassisgreener.com .
 
     About EmployOn(SM) and GrassIsGreener.com(SM)
     Cleveland-based EmployOn is the premier provider of recruitment solutions
 and the largest value-added aggregator of career opportunities on the
 Internet.  The company offers unbundled recruiting services including resume
 database access to employers and recruiters. Its consumer website,
 GrassIsGreener.com, is the first to give individuals the tools to access more
 than 8 million jobs, the first to offer one-click access to jobs spread across
 more than 107,000 websites.  EmployOn's proprietary Match Engine search
 technology permits continual searching of repeatedly updated inventories of
 both jobs and resumes with a degree of accuracy currently unavailable in the
 employment sector of the Internet.  EmployOn is headed by Jim Bennett, a
 30-year McKinsey & Company veteran who was previously senior executive vice
 president of KeyCorp, and is backed by Crystal Internet Venture Funds, Doll
 Capital Management (DCM) and private investors.
 
     About Doll Capital Management (DCM)
     Doll Capital Management (DCM) is a top-performing venture capital firm
 managing over $1 billion in assets committed to early-stage communications and
 Internet companies. The firm's Partners, Dixon Doll, David Chao, Peter Moran,
 Rob Theis, Tom Blaisdell, and Eric Gonzales have many years of operational and
 company-building experience and have funded some of the world's leading
 communications and Internet companies such as @Motion (OPWV), About.com
 (BOUT), Bridge (COMS), Foundry Networks (FDRY), InterNAP (INAP), IPivot
 (Intel), Mobileum, UUNet (Worldcom), 2Wire and 51Net.  For more information on
 DCM, please visit www.dcmvc.com or call (650) 233-1400.
 
     About Crystal Internet Venture Funds
     Established in January 1997, Crystal Internet Venture Funds, LP was formed
 to focus on investing solely in Internet and Internet-related opportunities.
 Internet companies include software, hardware, access, security, content, and
 vertical applications. The firm currently has $240 million of capital under
 management with their primary concentration being the funding and development
 of early stage companies.  The firm's partners include Joseph Tzeng, Daniel
 Kellogg, Howard Lee and Brian Goncher who have funded some of the leading
 Internet ventures including About.com (BOUT), Babycenter (ETYS), Cobalt
 Networks (COBT), ECCubed, Ejasent, RoweCom (ROWE) and Magnifi.  For more
 information on Crystal Internet Venture Funds, please visit
 www.crystalventure.com or email info@crystalventure.com .
 
 SOURCE  EmployOn