Regional News

US: Shiftboard, a scheduling company, secures $11.5mil in series A financing round

By Katherine Fanning 2 Comments NEWS, Regional News

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.

 "We are very excited to invest in Shiftboard," said Clete Brewer. "Hourly workforce management is ripe for technology adoption and Shiftboard is very well positioned to drive this market by solving the complex scheduling needs of larger organizations. The team has a great combination of vision and execution skills, and the company has demonstrated strong growth and customer traction."

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."

SOURCE: Shiftboard
Edited by K. Fanning

Comments

  • Tarryn
    February 21, 2018

    Hi Katherine,

    Thank you for the great write up on our latest round of funding. We are really excited about it! I was wondering if you would consider adding a link to our website in your article. As it would really help with driving traffic to your article and our website.

    Thanks in advance for your consideration,

    Tarryn
    Shiftboard

    • Gordana Davila
      March 12, 2018

      Hello Tarryn,
      Thank you for the feedback. The link has been added.
      Regards,
      Gordana Davila
      Editor

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