CINCINNATI, Feb. 28, 2019 /PRNewswire/ -- VNDLY, Inc., a cloud-based Work Management System (WMS) powering the new gig economy, today announced that it has closed $11 million in Series A funding, bringing the company's total funding to $14 million. The financing was led by Battery Ventures and Hyde Park Venture Partners, with participation from EPIC Ventures, Bowery Capital and the Cintrifuse Syndicate Fund, which invests on behalf of several F500 corporations including Kroger and P&G. The investment will be used to drive product innovation, customer adoption and global expansion.
Today almost 35% of the Fortune 500 workforce is comprised of non-employees, contractors and consultants and is predicted to increase to 50% by 2023. This modern workforce ecosystem creates a variety of new challenges for employers ranging from sourcing talent to onboarding and training to payment to off boarding. VNDLY solves these problems by serving as the "ERP of record" for this mix of talent sources, managing the entire non-employee engagement lifecycle.
"We founded VNDLY in 2017 to address a rapidly growing problem fueled by the rise of contractors, freelancers and the gig economy," stated Shashank Saxena, CEO and Co-Founder, VNDLY, Inc. "Over the last two years, we have experienced tremendous growth, adding several known Fortune 500 brands to our customer base. Further validating our vision is the excellent response we received from the venture capital community. With Battery and Hyde Park leading the round, and previous investors re-investing, we are poised to transform the legacy VMS market with our WMS platform."
VNDLY is a SaaS WMS system, built on the cloud. Unlike legacy VMS offerings, VNDLY uses an "outcomes"- based management approach rather than a traditional "process" based approach. VNDLY uses Machine Learning (ML) Artificial Intelligence (AI) and algorithms to automate manual tasks, enabling organizations to effectively compete for top talent in today's digital and agile world. The VNDLY platform is comprised of four major modules: Contingent Workforce Management, Statement of Work (SoW) Management, Independent Contractor (IC) Compliance and Total Talent Acquisition.
"VNDLY appeared almost out of the blue in late 2017 as a challenger within the VMS solution market, based on its use of the latest technology and its innovative approach to serving organizations and suppliers," stated Andrew Karpie, Research Director, Services and Labor Procurement, Spend Matters. We have recommended VNDLY as the leading solution for buyers fitting the Nimble buyer persona in our Temporary Staffing SolutionMap1 starting Q3, 2018."
As part of today's announcement, Michael Brown, General Partner, Battery Ventures; Chris Calder, Director, EPIC Ventures; and Tim Kopp, Partner, Hyde Park Venture Partners will join the company's Board of Directors. The new board members are seasoned investors and together bring decades of experience to their new roles with VNDLY. Battery also was an investor in online procurement SaaS company Coupa.
"I've been following and investing in software for 20 years. After I met with VNDLY, I knew that we had stumbled upon something very unique," said Battery's Brown. "We believe there is tremendous opportunity for VNDLY, and look forward to working with Shashank and the rest of the talented leadership team in its next phase of growth."
Founded in 2017, VNDLY transforms how companies manage the contingent workforce. With its SaaS Work Management System (WMS), companies can manage the entire non-employee engagement lifecycle from talent acquisition to training to payment and off boarding. The VNDLY WMS applies sophisticated algorithms, Machine Learning (ML) and Artificial Intelligence (AI) technology to automate manual tasks, increasing efficiency and productivity in today's digital and agile environment. Unlike legacy VMS offerings, VNDLY uses an "outcomes"-based management, rather than a traditional "process" based approach, giving organizations worldwide the opportunity to execute projects in a timely and cost effective manner. The VNDLY platform is comprised of four major modules: Contingent Workforce Management, Statement of Work (SoW) Management, Independent Contractor (IC) Compliance and Total Talent Acquisition. For more information, please visit www.VNDLY.com.
Silver Jacket Communications/for VNDLY
1 SolutionMap is Spend Matters' quadrant-based ranking system for evaluating procurement software companies.