NEW YORK, Aug. 29, 2018 /PRNewswire/ -- Planday, the workforce collaboration platform, has announced today that it has closed its Round C fundraising of $40 million U.S. dollars. The lead investor is Nordic financial services group, SEB Private Equity, with additional investment from investors in previous funding rounds, including Creandum and Idinvest. This investment will be used both to extend the platform and to accelerate expansion into new markets across Europe and North America, particularly in the U.S., where the Company experienced 90% growth in 2017.
Planday, which is part of Apple's Mobility Partner Program and the recently launched integrated iOS solution with Lightspeed and Intuit Quickbooks, will use the latest round of financing to expand growth across its key areas of focus in the U.S. region including restaurants & hospitality, fitness, retail, security and care homes. In addition, the Company plans to open a new office in Los Angeles, CA this October to build out its sales force and support partnership opportunities.
In the UK, where it is estimated that 26% of all work is shift-based, Planday is growing its user base at over 250% annually. This investment will also enable Planday to establish a UK-based technology development hub, as well as to grow sales and customer support teams from its London office. Over the last year alone, Planday has quadrupled its UK employee base and is positioned to become the company's most significant hub.
Planday has developed a flexible rota scheduling platform that can be used by businesses managing shift workers to enable real-time, contextual communication between employees, managers and co-workers in industries that have been traditionally underserved by technological solutions.
Christian Brøndum, Chief Executive Officer for Planday commented: "We are proud to collaborate with a broad global customer base, including brands such as Barry's Bootcamp, Ottolenghi, and St Pancras Hotel. This investment will further enable us to help customers automate their business processes and save administrative time through our partnerships with industry leaders such as Apple, Lightspeed, Intuit and Sage. Our mission is to deliver fully integrated solutions that provide a seamless experience for our customers."
Planday allows businesses to optimise administration of employees and integrate seamlessly into their payroll processes. Planday's customer base already spans 39 countries, and this investment will enable further global expansion, as the broader market is predicted to reach over $130 billion in value by 2020 worldwide.
Victor Lang, Chief Investment Officer at SEB Private Equity, adds to this, "we have backed companies in several traditional industries that have been revolutionized by cloud-based SaaS technology. We believe Planday is well positioned to spearhead automation and simplicity within workforce management, which is why we are excited to lead this round of funding for Planday, as well as team up with the Planday management team to continue scaling new ways of collaboration for shift-based businesses."
Johan Brenner, General Partner at Creandum and Chairman of the board for Planday commented: "We are as excited to invest in Planday as we were to invest in iZettle and Spotify. We can see a huge market opportunity for Planday as they continue to grow internationally to improve the lives of 1 billion shift workers across the globe. Planday paves the way for a digital revolution for shift workers and their managers."