The latest Quarterly Labour Force Survey (QLFS) indicates that the official unemployment rate in South Africa was 32,6% in the second quarter of 2023 which amounts to a devasting 7,9 million people.
To help job seekers through the stressful process of finding work, NEXT176, a strategic partnership and venture business backed by Old Mutual, has announced its investment of R27 million into JOBJACK, a dynamic South African tech startup revolutionising entry-level recruitment.
NEXT176, a strategic partnership and venture business backed by Old Mutual, has announced its investment of R27 million into JOBJACK, a dynamic South African tech startup revolutionising entry-level recruitment.
JOBJACK is poised to transform the job market landscape in South Africa, addressing the pressing issues of access and affordability that job seekers face. By cutting the costs associated with traditional job-hunting methods such as CV printing and transport, JOBJACK empowers candidates to apply directly from their mobile phones. Furthermore, the platform is now data-free for MTN and Vodacom network users, enhancing accessibility.
The pre-Series A funding round led by NEXT176, alongside the Michael & Susan Dell Foundation, will see R45 million invested into JOBJACK and heralds a new chapter for the tech startup.
Co-founded in 2018 by two young chartered accountants, Christiaan van den Berg and Heine Bellingan, JOBJACK has registered 2 million job seekers, with about 2000 joining daily. This secured funding will fuel JOBJACK’s expansion, enabling it to serve an even more extensive network of employers and job seekers nationwide.
Tramayne Monaghan, Chief Ventures Officer at NEXT176, says they are excited about the investment. “Our mission at NEXT176 is to build and invest in disruptive businesses that are not only sustainable but also have the power to change lives. JOBJACK’s innovative approach to redefining entry-level recruitment in South Africa perfectly aligns with this vision.”
Leading South African employers, including PEP, Food Lover’s Market, McDonald’s, KFC, DSV, and many others, are already on board, leveraging JOBJACK to connect with potential employees.
As JOBJACK continues to redefine entry-level recruitment, NEXT176 stands by its commitment to catalysing change, one investment at a time. Monaghan adds, “In addressing jobseekers’ pain points, we believe in the ripple effect of JOBJACK – how changing one life can set in motion a chain reaction of positive change, paving the way for a more inclusive future for South Africans.”
