Career Rewards, Inc. Receives $7.75 Million in Second-Round Venture Funding.Business Editors/Hi-Tech Writers MCLEAN, Va.--(BUSINESS WIRE)--Feb. 5, 2001 Internet Referral Recruiting Company Prospers with High Growth Model and Increased Revenues, Backed by Hollinger Digital, Grotech Capital Group, Mid-Atlantic Venture Funds, and Steve Walker & Associates Career Rewards, Inc. (www.careerrewards.com), the leading provider of Internet-based referral recruiting solutions, today announced that it has closed $7.75 million in second round venture funding, led by Hollinger Digital and backed by Grotech Capital Group, Mid-Atlantic Venture Funds, and Steve Walker & Associates. In the wake of the recent dot-com shakeout Shakeout A situation in which many investors exit their positions, often at a loss, because of uncertainty or recent bad news circulating around a particular security or industry. Notes: During the dotcom boom and bust, numerous shakeouts occurred. , start-up Career Rewards continues to show rapid growth, increased revenues, a strong business model, and profitability potential for 2001. Launched in February of 2000, Career Rewards grew to become a leader in Internet referral recruiting solutions, offering a better, faster, and less expensive method for recruiting and retaining highly qualified technology, financial, sales, and marketing professionals for local companies of all sizes. The company, which pays a monetary bonus to individuals who successfully refer candidates, placed over 100 candidates in new jobs and gave away over $189,000 in referral bonuses its first ten months of operations ending December 2000. Since the company's first venture capital round, Career Rewards developed an ASP solution that automates a company's entire employee referral program. This product, TeamRewards, recently won HR Executive's "HR Product of the Year Award" and has shown impressive results for clients both locally and nationally. This degree of success and profitability potential in the face of the recent economic decline prompted a significant investment by Hollinger Digital, as well as additional funding by Grotech Capital, Mid-Atlantic Venture Funds, and Steve Walker & Associates. "We see enormous potential for Career Rewards, based on the company's sound leadership team, proven referral recruiting techniques, and track record of success," said Richard Perle Richard N. Perle (born 16 September 1941 in New York City) is an American political advisor and lobbyist who worked for the Reagan administration as an assistant Secretary of Defense and worked on the Defense Policy Board Advisory Committee from 1987 to 2004. , Co-Chairman of the Board of Directors for Hollinger Digital. "Career Rewards' impressive and growing list of satisfied clients highlights the overall success of Career Rewards' referral-based recruiting services with labor markets labor market A place where labor is exchanged for wages; an LM is defined by geography, education and technical expertise, occupation, licensure or certification requirements, and job experience that remain tight for talented employees." "We've gained clear leadership in the new category of Internet referral recruiting, creating a new business model to find and deliver candidates through personal referrals," said Douglas Layman LAYMAN, eccl. law. One who is not an ecclesiastic nor a clergyman. , president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Career Rewards, Inc. "Personal referrals have proven to be the best way for candidates to find new jobs and for companies to find employees, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. HR and recruiting professionals. Our industry-leading referral products and services provide complete recruiting solutions for employers, reducing cost-per-hire and improving quality. This second round of funding will allow us to continue our nationwide expansion, develop new world-class products and services, and increase our marketing and sales channels to better serve our existing and potential customers." About Career Rewards Career Rewards, Inc. is the leading provider of Internet-based, referral recruiting solutions. Career Rewards' products and services allow employers to reach new sources of high-quality candidates by combining the best hiring technique--personal referrals--with patent-pending Internet technology and a world-class recruiting operation. As a full-service recruiting solution, Career Rewards offers a better, faster, and less expensive alternative to traditional headhunters. As a product, TeamRewards(TM), the leading eSolution for corporate employee referral programs and HR Executive's "Top HR Product of the Year" for 2000, provides a customized, private-label system for increasing the quantity and quality of referral hires. The company is headquartered in McLean, Virginia McLean is an unincorporated community located in Fairfax County in Northern Virginia. A small geographic area along Chain Bridge Road in Arlington County has a 22101 zip code and is also part of McLean. . For more information on referral-based recruiting solutions, please visit www.careerrewards.com, www.teamrewards.net, or call (703) 442-3110 x269. About Hollinger Digital Hollinger Digital is a venture capital and new media management arm of Hollinger International Inc. (NYSE NYSE See: New York Stock Exchange :HLR (Home Location Register) A database in a cellular system that contains all the subscribers within the provider's home service area. When a subscriber reaches a new service area, the data in the HLR is requested and transferred via SS7 to the VLR (Visitor Location ), one of the world's leading newspaper publishers with media properties in the UK, United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada and Israel. Included among the paid daily newspapers that the Company owns or has an interest in are The Daily Telegraph, Chicago Sun-Times This article is about the Chicago newspaper. For the Canadian newspaper, see Owen Sound Sun Times. The Chicago Sun-Times is an American daily newspaper published in Chicago. , The Jerusalem Post, and National Post in Canada. In addition, the Company owns non-daily newspapers, as well as magazines and other publications. Hollinger operates Web sites through all its major newspapers and owns a variety of other specialized sites. Through the Hollinger Digital subsidiary, the Company has also taken investment positions in various Internet-based and new media companies. For more information, please call (202) 337-6692 or visit www.hollinger.com. About Grotech Capital Group Founded in 1984, Grotech Capital Group is the largest private equity firm focusing exclusively on the Mid-Atlantic and Southeastern United States. With over $800 million in Capital under management and offices in Maryland and Northern Virginia Northern Virginia (NoVA) consists of Arlington, Fairfax, Loudoun, and Prince William counties and the independent cities of Alexandria, Falls Church, Fairfax, Manassas, and Manassas Park. , Grotech invests in Internet, Information Technology, Communications, Healthcare, Service Industries, Consumer Products, and Basic Industries. Investments range from early stage growth companies to middle-market buyout opportunities. For more information, please call (410) 560-2000 or visit www.grotech.com. About Mid-Atlantic Venture Funds Mid-Atlantic Venture Funds is an investor in early-stage high growth technology oriented businesses. We currently manage approximately $200 million and are investing from our fourth fund. We were founded in 1985 and have been recognized by Red Herring Red Herring A preliminary registration statement that must be filed with the SEC describing a new issue of stock (IPO) and the prospects of the issuing company. Notes: as one of the 25 premier venture capital firms Name Location Founding date Managing Partners/Directors Specialty Capital managed 5AM Ventures Menlo Park, CA; Waltham, MA 2002 John Diekman, PhD (managing partner), Scott Rocklage, PhD (managing partner), Andrew Schwab (managing partner) life sciences $200M [1] in the country. Mid-Atlantic's investment interests include: communications and telephony infrastructure, Internet-related technologies and services, wireless technologies or services and health-care information technology. Our primary investment interest is to invest in early-stage, high growth businesses located in the Mid-Atlantic region. Mid-Atlantic Venture Funds has offices in Bethlehem, PA and Reston, VA. For more information visit www.mavf.com. About Steve Walker & Associates Steve Walker & Associates (SWA adv. 1. So. ) was established to help emerging companies grow and thrive in today's rapidly changing environment. SWA's Walker Investment Funds Noun 1. investment funds - money that is invested with an expectation of profit investment assets - anything of material value or usefulness that is owned by a person or company invest early-stage money and provides business consulting services to software and Internet-based technology Refers to the communications infrastructure of the Internet, which is based on the IP protocol. IP is part of the TCP/IP protocol suite. It may also refer to voice over IP (VoIP), which uses the Internet to make telephone calls. See VoIP, IP and TCP/IP. companies with a sound business concept coupled with leading edge technology. To help these companies build a solid foundation for success, to meet and exceed every expectation, is our goal. For more information on Steve Walker & Associates, please visit www.stevewalker.com. |
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