With tyrannical founding CEO Jason Goldberg gone, Seattle-based Jobster is looking to replace departed CTO Phil Bogle. Rather than use its own job-listings product, the company has contracted a headhunter to make some calls. Meanwhile, they're letting go of less senior employees from departments like sales — leaving an office space in a waterfront building that can reportedly hold 200 with only 15 employees, nine of whom are executives and admins and six of whom are engineers. Oh, but it's hiring more, with the money new CEO Jeff Seely managed to raise in a $7 million fourth round of funding. Even with that infusion, Jobster can't be long for this world.Jobster gave away much of the farm when it raised its third round, way back in 2006. The $18 million third round brought the total raised to $48 million, but on a valuation only a little over $100 million — meaning there's probably little equity left to sell to investors. The $7 million secured in April was likely a "down round," or offered on an even lower valuation. Investors were probably looking to snap up what equity was left and keep the company going for just long enough to sell to someone. Anyone. Please. But if they're trying to cut the burn rate through layoffs, why is the company maintaining such a large office on the sixth floor in a prime Seattle location looking out over Elliott Bay? Our source was incredulous. "This makes no sense to me at all. No matter how good a deal they have, office space for 20 people would cost less on a cash basis." Maybe as a showpiece for possible acquirers? If that's the case, I'd take a cue from when the Mariners played in the Kingdome and the upper deck was always empty — cover the empty cubicles with a festive covers and bunting to keep it from looking like a mausoleum.
We'd heard rumors Jobster was close to replacing Jason Goldberg as its CEO, and the Seattle P-I now confirms them. Jeff Seely, another Seattle entrepreneur who just sold online stock-buying site ShareBuilder for $220 million to ING Direct, will take over the online job board on January 7. His first order of business: Raising more money, I suspect.
Are you an unemployed tech CEO? Jobster may be able to help you find a gig. Despite strenuous denials from Jobster CEO Jason Goldberg, rumors continue to swirl that the obstreperous entrepreneur is on his way out of the troubled online job-search startup. The Seattle Post-Intelligencer reports that Goldberg himself is leading a search for his successor. A tipster tells us that he and husband Thomas Goldberg, who recently quit Seattle advertising firm Wong Doody, are considering a move to New York or London, where Thomas plans to pursue interior-design studies. For the record, we're bummed over the departure. Not of Jason, that is, but of Thomas. Because we love nothing more than typing the words "Wong Doody." Repeatedly. They just don't make company names like that anymore.
Word around Seattle is that Jobster CEO Jason Goldberg is headed out of the troubled job-search website — for parts east. Sources say that Goldberg's husband, Thomas, has been telling friends of their upcoming move to New York City and, on his last day at Seattle advertising firm Wong Doody, sent out a company-wide goodbye email indicating that he was leaving for geographical reasons, not personal or professional ones. Goldberg glosses over the rumor, telling us "My husband Thomas is applying to graduate-school programs in a number of cities. We currently have no plans to move. And no, I am not leaving Jobster." Though he might be mistaken on that last part. We've heard that the VC community in Seattle is abuzz about the Jobster board's stealth search to replace him. Why is the CEO always the last to know?
Despite CEO Eric Schmidt's promises during Google's most recent earnings call, his company continues to metastasize. This time, it's threatening to swallow up all of New York's Chelsea neighborhood. I have an idea: Rather than lease expensive new real estate, why not boot some current Googlers to make room for new ones? Which brings us to this, the second edition of Toogle Many Googlers! Want to nominate a Googler for toogling? Send in a name and pic.
No sooner had we gotten a tip about the YouTube video of Jobster's brainstorming session than the video was taken down. Luckily, informants reported on the contents — and I can totally understand why Jason Goldberg, CEO of the troubled recruiting website, thought better of leaving up what he now tells Valleywag is "an early unedited version."