WATERLOO, Ontario, July 27, 2011 /PRNewswire/ -- TribeHR Corp., a leading social human resources platform for small and medium business, announced today that it has secured a $1 million round of seed financing from Matrix Partners. The company will use the funds to drive product development and expand sales and marketing programs.
TribeHR offers a unique web-based human resource (HR) platform that is open, social and designed exclusively for small and medium business (SMB). The SaaS-based solution engages employees and managers in the HR process with tools that simplify and automate their ability to track employee development, vacation and sick time, job postings, goal setting and much more.
"We are thrilled to be working with David Skok and Matrix Partners as we enter our next phase of growth," said Joseph Fung, co-founder and chief executive officer of TribeHR. "They have an incredible track record of building winning companies and the time is right for us to reinvest. With our new funds we will continue to build the first truly social, comprehensive HR management system and introduce it to an even larger community of SMB customers."
"TribeHR has developed a really elegant, modern solution for HR in small and medium business," said David Skok, partner at Matrix Partners, who will join the company as an advisor. "Unlike HR solutions designed for enterprise customers, its social features help reinforce the culture of an individual company and optimize the performance of each employee. This platform is exactly what the Facebook generation expects to find in today's workplace."
Enflick Inc., makers of the popular mobile apps TextNow and PingChat, gives testament to the key role TribeHR has played in its company's growth. "The TribeHR platform has played a critical role in helping us bring new employees on to our rapidly growing team," said Derek Ting, chief executive officer of Enflick. "We needed a tool that would help us attract and retain the best people, and TribeHR provided the best solution for a tech startup like ours. TribeHR is a great company with amazing software and very deserving of the opportunity this funding provides."
Budget is critical to SMBs, and TribeHR makes working together easy. It offers a 15-day free trial to all new customers, with month-to-month agreements ongoing. Prices range from $19 per month for up to 15 employees to $399 for an unlimited number of staff members. For more details, visit www.tribehr.com.
About Matrix Partners
Matrix Partners is a premier venture capital firm that has generated outstanding returns for over three decades. The firm has delivered several of the industry's top performing funds of all time. Matrix Partners has offices in Waltham, MA; New York, NY; Palo Alto, CA; Mumbai, India; and Beijing and Shanghai, China. The firm has been fortunate to invest in game-changing, industry-leading businesses such as Apple Computer, Sandisk, Veritas, Sycamore Networks, Phone.com, Starent Networks, JBoss and Gilt Groupe.
About TribeHR Corp.
Headquartered in Waterloo, ON, and with offices in Boston, MA, TribeHR Corp. builds TribeHR, the first truly social human resources management software. Its easy-to-use tools are used by small and medium businesses worldwide, allowing companies to focus more on what they do best and less on things that get in the way. TribeHR was founded in 2009 and is funded by Matrix Partners. For more information, visit www.tribehr.com.
SOURCE TribeHR Corp.