Fairygodboss, a self-proclaimed social network for active women, announced today the raising of $ 10 million in Series A funding, co-led by GSV Accelerate and Signal Peak Ventures. This follows a $ 3 million round of venture capital in May 2018 bringing the total capital raised by the New York startup to $ 14 million. The new funds will allow Fairygodboss to "improve" its existing product line and expand its team, the company said.
Fairygodboss – which was co-founded in 2015 by Georgene Huang and Romy Newman, veterans of the Dow Jones – began life as an anonymous Anonymous-style review portal before becoming a general career site. In addition to job listings and employer profiles, it hosts a personalized daily flow and participatory databases for the benefit of businesses.
Unlike, for example, LinkedIn or CareerBuilder, Fairygodboss addresses the more than 72 million women who make up the American workforce. Employees, past and present, share information about employers who have generous maternity leave policies or value work-life balance. Their opinions are in line with Fairygodboss recommendations and regularly updated lists of the best companies for women.
Fairygodboss is free – it earns most of its money by writing sponsored content for customers and providing them with information about the competition – and has more than 3 million visitors each month. Huang and Newman believe that this impulse stems in part from the stigma surrounding maternity benefits; According to a 2015 Fairygodboss survey, 65% of women reported that they were uncomfortable asking for details of maternity leave during interviews and 80% said that they were not comfortable with asking questions about maternity leave. they would join a company without a perfect understanding of the rules. In addition, based on journal data, Fairygodboss indicates that only 61% of employers surveyed treat women fairly compared to men and that 21% do not promote them in the same way.
The site is obviously doing something good. Fairygodboss claims to have seen its number of users multiply by 30 in two years – to 24 million women – and told VentureBeat to have more than 100 trading partners, including well-known brands such as Accenture, Apple, General Motors, Home Depot, Hilton, JPMorgan Chase and Southern. California Edison.
"I think businesses need to understand that people – whether they're parents or not – live outside of work, they need to take care of it," Huang told Rebecca Blumenstein. Associate Editor of the Grouvy Today, on the Galvanize stage of Fairygodboss. Summit in New York. "We need to tell the truth about our workplace experiences to make progress in achieving gender equality. It means a lot for women to hear directly from other women. "