Intern placement firm InternMatch has raised $10m in a Series A as it seeks to grow the global side of the business.
The round, led by Canberra property developer Doma Group, with the company’s advisory firm, Henslow, is also partnering with existing investors.
The money will support the expansion of InternMatch in Canada, the United States and the United Kingdom.
The eight-year-old business, which started as Outcome.Life, offering advice on international higher education, now helps university students and graduates complete a 12-week internship. Since the relaunch in the international market 18 months ago, the platform has placed more than 10,000 interns worldwide.
The company generates revenue by charging universities and others for internships, as well as receiving recruitment fees if the relevant company hires the student, which it does for about 65% of internships.
Technology and engineering related fields are the most sectors in demand.
InternMatch CEO Gerard Holland said the global focus of the platform allows them to plug suitable candidates in roles that are in critical demand.
“Many people don’t have the connections, support or resources to land in these skilled professional roles, and therefore need a foothold in the door that will allow them to use their knowledge and get “real global experience,” he said.
“Our technology verifies both the candidate and the host company to ensure a a transparent, safe and responsible relationship is established so that both parties are empowered and can form a sustainable professional relationship.”
Henslow MD Chris Tait said the ability for companies and interns to quickly and efficiently search for positions that match their talents and requirements is something he has never seen before
“The technology platform and the machine learning behind the platform is a game-changer for the companies, universities and interns InternMatch engages with,” he said.
“We have had a very strong response from our investor base and growing interest from international investors. As a business, we were impressed with the team and their demonstrated passion for tackling the jobs crisis, not just in Australia but around the world, and understood the value of having skin in the game to help them achieve this result.