Shiftboard, a global leader in workforce scheduling and management, recently announced the fruition of an $11.5 million Series A funding round spearheaded by NewRoad Capital Partners. This investment was done through Kayne NewRoad Ventures Fund II, a growth equity fund co-managed with Kayne Anderson Capital Advisors, L.P. There is additional participation from new and existing investors, including Voyager Capital. Clete Brewer, Managing Partner at NewRoad Capital, will join the company's board of directors.
Within the $4.5B workforce management software market, companies with large hourly workforces have been struggling with traditional workforce management solutions. Hourly work environments are uniquely complex with shift scheduling across multiple roles and locations as well as the task of filling last-minute staffing needs, and complying with numerous hourly worker labor laws, collective bargaining agreements, and industry standards.
Built specifically for hourly workforces, Shiftboard is uniquely positioned to enable enterprises to realize value from scheduling and workforce management automation. With Shiftboard, customers report 8.4x payback on their investment through lower labor costs, increased worker productivity, improved employee engagement, and retention.
"We've watched Shiftboard grow rapidly over the past two years, more than doubling revenues while earning the trust of many of the world's most demanding brands. The company has tremendous market knowledge and traction with thousands of customers. The combination of Shiftboard's technology and exceptional employees has us more confident than ever to invest in their vision," said Erik Benson, General Partner at Voyager Capital.
"We are thrilled with the opportunity and expertise that Clete and NewRoad bring to Shiftboard," said Sterling Wilson, Shiftboard's current CEO and president. "With this new capital, we plan to leverage our market momentum to accelerate innovation and scale operations to meet increasing demand."
Edited by K. Fanning