Online Business Management Company Replicon Raises $20 Million
Replicon has raised $20 million in funding. This is the first time that Replicon has taken outside funding since launching 17 years ago. Replicon is known for offering timesheet software in the cloud. Replicon makes it easy for businesses to track time and expenses, manage billing, monitor attendance, and oversee employee time-off. Replicon also has a punch clock feature.
Emergence Capital Partners and The Social + Capital Partnership led this round of funding. Chamath Palihapitiya of The Social + Capital Partnership said that the funding will be used for supporting product development and enable the company to explore new partnerships.
“With this growing interdependence, there needs to be a common platform that can help companies deal with increasingly complex business needs and labor practices,” said Palihapitiya. “Replicon is poised to become this platform for the future.”
Founded in 1996, Replicon was started by a husband and wife team. It is now being used by 7,800 companies around the world with 1.5 million employees. Some of their clients include FedEx, Xerox, and General Mills. Replicon is expecting to grow 60-80% by 2015.
The company was founded by Raj Narayanaswamy and Lakshmi Narayanaswamy. The two decided to raise the funding in order to scale their business. Based in San Mateo, Replicon also has offices in Toronto, Bangalore, and Calgary.