EmployStream Raises $7 Million in Series B Funding for Onboarding Software
Feb 10, 2020, 10:07 ET
CLEVELAND, Feb. 10, 2020 /PRNewswire/ -- EmployStream, the leading provider of onboarding automation to the staffing industry, announced the close of its $7 million Series B funding round led by Plymouth Growth Partners, with support from several key investors including JumpStart, Rev1 Ventures, Ohio Innovation Fund and North Coast Angel Fund. EmployStream will use the capital to expand product development, increase its footprint in the staffing industry and drive innovation of ideas inspired by its rapidly growing customer base.
"There's an enormous opportunity for intuitive tools in employee onboarding. Our plan is to double down and be the best provider to serve this space. Staffing agencies and other high-volume hirers are increasingly looking for a rich candidate experience and workflow automation. We offer the most complete solution in these areas and plan to significantly expand our platform with this new capital," said Gerald Hetrick, Chief Executive Officer of EmployStream.
"The EmployStream team has built a powerful, easy-to-use, and candidate-focused onboarding platform for the staffing industry," added Evan Ufer, Partner, Plymouth Growth Partners, who will also join the company's board of directors. "We are thrilled to be partnering with EmployStream to help deliver even more value to its loyal customers and continue its rapid growth."
EmployStream is coming off another strong year of growth in which it began expanding its sales and marketing efforts and grew its client base to nearly 200. The company plans to add key leadership roles in Business Development and Marketing and leverage its reputation as a high-growth, modern, SaaS company to attract top-tier talent to its Product and Engineering teams.
"This is an important and exciting round of funding for EmployStream," said Hardik Desai, Senior Investing Partner at JumpStart. "Over the past three years, Gerald and his team have demonstrated focused execution to gain market traction and they are well-positioned for future growth and scale."
About EmployStream
EmployStream offers the best onboarding and candidate experience platform in the staffing industry. Its cloud-based, mobile-first platform makes qualifying, hiring and engaging candidates easy for everyone involved. EmployStream was built to automate and simplify critical touch points throughout the hiring process, eliminating costly mistakes and delays. For more information, visit www.employstream.com and follow @EmployStream on Twitter.
About Plymouth Growth Partners
Plymouth Growth Partners invests in growth stage businesses throughout the Great Lakes region. With over 100 years of combined investing experience, Plymouth takes a flexible approach to partnering with management teams, helping to drive growth, build value and realize the full potential. Plymouth focuses on B2B product and services companies that have scalable technology and proven growth. Based in Ann Arbor, Michigan, Plymouth Growth Partners has over $140 million under management and is actively investing out of its fourth fund. For more information on Plymouth Growth Partners and its investments, please visit www.plymouthgp.com.
SOURCE EmployStream
