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Social Networking Jobs Site Jobster Raises Another $7 Million

Jobster, the money-burning recruitment-meets-social networking service, has raised another $7 million, on top of the $48 million its previously raised, reports Seattle PI. News that the Seattle-based company was out looking for fresh capital came out in March, along with word that it had lost $11 million in 2007. The latest funding comes from past backers Ignition Partners, Mayfield, Reed Elsevier (NYSE: RUK) Ventures and Trinity Ventures. The company won’t say what the money will go for, but with that big of a loss last year, you can probably do the math.

The company has had run into various challenges: last year it had to lay off 60 employees, and it founder Jason Goldberg stepped down (he’s raised funding and alpha-launched his new social news startup SocialMedian). Current CEO Jeff Seely comes by way of Sharebuilder.

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Apr 25, 2008 12:41 PM ET

Posted In: Money, M&A & Venture Capital, Venture Capital, Social Media, ignition partners, jobster, mayfield, reed elsevier ventures, trinity ventures

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Apr 25, 2008 2:44 PM

There’s little chance this company survives an economic downturn. Their investors are going to lose this last infusion as they have lost all the capital that’s in the business to date.

stone

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