- Cloud-based Work Management System VNDLY announced it raised $35 million in a Series B round of funding
VNDLY — a cloud-based Work Management System (WMS) — announced it has raised $35 million in a Series B round of funding led by Insight Partners with participation from Battery Ventures, Hyde Park Venture Partners, EPIC Ventures, Bowery Capital, and the Cintrifuse Syndicate Fund. Plus ServiceNow also participated in this round.
Including this round of funding, VNDLY has raised a total of $49 million. This round of funding will be used for continued product innovation, global expansion, and additional investment in customer service and support.
“We are incredibly excited about this new round of funding and the investments it enables us to make,” said VNDLY Co-Founder and CEO Shashank Saxena. “We are extremely grateful and humbled by the trust and faith our customers and the investment community have placed in us.”
VNDLY added multiple new clients this year, including 12 Fortune 500 companies — half of which are financial services clients. And VNDLY’s diverse customer roster currently spans across Healthcare, Financial Services, Retail and Consumer Goods, Automotive, Oil and Gas, Energy and Utilities, Manufacturing and Distribution, and Higher Education.
“As the gig economy continues to transform the future of work, VNDLY has been on our radar since its inception. We’ve tracked their progress and growth for the last few years and are now excited to partner with VNDLY to scale-up revenue and operations and expand globally,” added Insight Partners managing director Jeff Lieberman. “We are excited about VNDLY’s traction with the Fortune 500 customer base and differentiated Work Management System as we begin working together to transform the VMS market.”
Through the VNDLY platform, companies can manage the whole non-employee engagement lifecycle from talent acquisition to training to payment and offboarding. And the VNDLY platform is comprised of four major modules: Contingent Workforce Management, Statement of Work (SoW) Management, Independent Contractor (IC) Compliance, and Total Talent Acquisition.
“I’ve served on the VNDLY Board since our investment in the Series A round earlier this year and am extremely excited about what the future holds for VNDLY. We continue to be impressed by the operational effectiveness, relentless customer focus, and modern, disruptive technology vision that the VNDLY team brings to the market. That’s why we decided to double down on the opportunity and increase ownership interest in VNDLY in this round,” explained Battery Ventures general partner Michael Brown.
