WorkForce Software Raises $17 Million In Series A and Mezzanine
WorkForce Software is a Livonia, Michigan based business that has raised $17 million in Series A and mezzanine funding. This round of funding was provided by Los Angeles based K1 Capital and Raleigh based Triangle Capital. The $17 million was $5 million in Series A and $12 million in mezzanine.
WorkForce Software was founded in 1999 by three Michigan natives and has been self-funded for most of their existence. WorkForce has built tools that helps organizations automate their complex workforce management operations.
They sought outside funding because they were experiencing rapid growth. WorkForce Software helps companies weed out inefficiency and track employee tasks. WorkForce also makes sure that paychecks are accurate.
Another major part of WorkForce’s business is helping companies comply with state and federal regulations in terms of scheduling. For example, WorkForce can help a nuclear power plant manage employee fatigue by giving workers the proper number of hours or days between shifts.
“As demands for workforce management become more sophisticated, there is a greater need for solutions like ours,” stated WorkForce VP of marketing Marc Moschetto.
WorkForce Software is growing so fast that they had to have their own job fair on the campus of Schoolcraft College in Livonia. There are still open positions at the company today. K1 Capital and Triangle Capital will have board seats as a result of the funding.
[Xconomy]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry