EmployeStream, a Cleveland software-as-a-service startup that helps employers ease the onboarding process for new hires, announced it has closed a big round of Series B funding, for $7 million.
The funding round was led by Ann Arbor, Mich.-based Plymouth Growth Partners, with support from investors including JumpStart Inc. of Cleveland, Rev1 Ventures of Columbus, the Ohio Innovation Fund and North Coast Angel Fund in Beachwood. Specific terms of the founding round were not disclosed.
EmployStream said in a news release that it will use the money "to expand product development, increase its footprint in the staffing industry and drive innovation of ideas inspired by its rapidly growing customer base."
Gerald Hetrick, CEO of EmployStream, said in a statement that there is "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."
Evan Ufer, a partner at Plymouth Growth, will join the EmployStream board. He said in the release that the Cleveland company "has built a powerful, easy-to-use and candidate-focused onboarding platform for the staffing industry."
Plymouth describes itself as focusing on business-to-business product and services companies that have "scalable technology and proven growth." It says it has more than $140 million under management and is "actively investing out of its fourth fund."
EmployStream said it has expanded sales and marketing efforts in the past year to grow its client base to "nearly 200." The company has 32 employees and seven open positions.
It said it plans to "add key leadership roles" in business development and marketing as a result of the funding round, and to "attract top-tier talent" to its product and engineering teams.
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February 11, 2020 at 01:22AM
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Cleveland software-as-a-service firm EmployStream raises $7 million - Crain's Cleveland Business
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