China edtech player Nowcoder raises $50m
Beijing-based Nowcoder Technology, a Chinese campus recruitment platform also known as Niuke, has raised USD 50m in Series B funding from Sequoia Capital China, Shunwei Capital, 5Y Capital, Tiger Global Management, and Pegasus Capital.
As of January, Nowcoder had more than 8m users, having added 2.5m in 2022 alone. Two in five new users are acquired through recommendations by existing customers. More than half have a master's degree or above. The company claims to cover more than three-quarters of fresh graduates in science and technology.
Students not only use the platform to send resumes but also to share interview experiences and stories of successful job applications, discuss career options, and complete practice exercises. Zhiye, a professional resume production tool, was acquired last year to contribute to Nowcoder's vision of becoming a “one-stop job search companion community.”
The company claims that its average active customer lifecycle is eight months and its average daily use time is 51 minutes, far above the industry average.
On the enterprise side, it has served more than 1,500 clients including Tencent Holdings, ByteDance, Alibaba Group, JD.com, Baidu and China Merchants Bank. Sequoia also claims to be a long-time user of the platform. Enterprise customers advertise for positions and Nowcoder supplies standardised written tests for approximately 30 positions.
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