Joveo, a recruitment technology platform has raised $5 million in Series A funding. The funding round was led by Nexus Venture Partners.

The startup will use the recently raised funding to continue to accelerate its product offerings, expand its partnerships and scale its AI/deep learning layer. Apart from the funding announcement, the company also announced their acquisition of Ripple Labs, a programmatic media buyer which partners with agencies to provide an open publisher marketplace and trading expertise.

"Our vision is to build the most democratic online job marketplace by enhancing the reach and targeting of job boards and agencies alike," said Kshitij Jain, CEO and founder, Joveo Inc. "Unlike others in the industry, we are a pure play technology which does not compete with agencies or job boards. Ours is a transparent marketplace existing only to assist our partners. With the backing of Nexus partners, we are poised to significantly increase our reach and create the first AI based job advertising platform. I am very excited to kick start this next stage of our growth."

Sameer Brij Verma, Partner, Nexus Partners said, "We are thrilled to partner with the team at Joveo on their mission to disrupt the recruitment industry. We strongly believe that their next-generation programmatic recruitment platform and integrated apply/click optimization technology allows the talent management function at enterprises, RPOs, job boards and recruitment agencies to radically improve their hiring efficiency at substantially lower costs per hire while accessing a much larger candidate pool outside the current job-board ecosystem."

"We are very excited about partnering with Joveo," said Ram Gupta, Managing Director, Nexus Partners. "Joveo is the first to develop true programmatic job advertising technology which is simple, transparent and easy to use. And, they are on a mission to work with job boards, agencies, RPOs and staffing agencies to take the pain out of job advertising."

Joveo was founded by Kshitij Jain. Kshitij and Scott Garrett were also the founders of Mobolt, an apply technology platform, acquired by Indeed. The founding team includes several serial entrepreneurs, several early employees of the adtech space, and several individuals with ties to job boards and the recruitment space. Recently, Joveo added Abhinav Gupta to their Advisory Group. Abhinav has deep roots in the consumer ad tech space, most recently as CTO of Rocketfuel.