It looks like Matrix Partners' investment in high-end job site TheLadders.com is developing nicely.

It may be the complementary beers that I consumed last night at the TheLadders.com/GigaOm party speaking, but TheLadders.com CEO Mark Cenedella (pictured at right) indicated his company's unique approach to online jobs is working. He said TheLadders.com is growing at 100% annually, has expanded staff from 70 to 110 and is cash-flow positive.

While working at HotJobs.com and speaking to his business school friends, Cendellos said he realized that a very high percentage of $100,000+ paying job applicants were not qualified and employers' time was being wasted sorting through resumes. Founded in 2004, TheLadders.com's solution is to turn the model on its head by charging applicants --rather than just employers-- for access to the site. He said that tweak has drastically reduced the percentage of unqualified job applicants from between 1% and 8%. Competitors such as Jobfox, Taleo, Jobster and Monster.com are trying to put their own spins on the same problem.

Since it seems TheLadders.com has validated the reverse subscription model, it will be interesting to see what other verticals entrepreneurs can apply the business model to.

Tags: theladders.com, matrix+partners, vc, venture+capital