BountyJobs, an online marketplace that aims to connect staffing buyers to a network of search professionals, reported a $5 million investment from a group of existing investors led by Greylock Partners. The funding will go to expand software and services support for existing and future clients.

BountyJobs reported it has a marketplace of more than 10,000 approved search professionals that are filling jobs for thousands of employers.

Employers use BountyJobs to post job descriptions along with fees they are willing to pay for successful hires. Search professionals request permission to work on each job and buyers can view search professionals’ history on BountyJobs.

“Companies that use the BountyJobs marketplace report finding higher quality agencies more quickly, while at the same time cutting administrative hassles such as cold calls, contract negotiations and billing issues,” according to BountyJobs.

“Despite fragmentation and inefficiency in the contingent search market, companies still spend billions of dollars each year on headhunters in the U.S.,” said Dave Strohm, partner at Greylock Partners. “By giving companies a free, streamlined way to find and hire candidates through specialized headhunters, BountyJobs is transforming a major sector of the recruiting market.”