Financing Accelerates Company’s Ability to Expand as Leading Human Capital Management (HCM) SaaS Provider for the Mid Market
DENVER, Colo. September 29, 2015 – SyncHR®, a leader in Human Capital Management (HCM) cloud-based technology for the mid-market, announced today it has secured $17.5 million in new Series A funding. Led by Boulder Ventures and returning investor New Enterprise Associates (NEA), with participation by Grayhawk Capital and EPIC Ventures, this investment positions the firm to sustain its rapid expansion with continuing product development as well as sales and marketing initiatives.
“SyncHR is thrilled to welcome Boulder Ventures, Grayhawk Capital, and EPIC Ventures as investors, and appreciates the continued support of NEA,” said Pamela Glick, Chief Executive Officer of SyncHR. “This group of investors is poised to not only provide guidance and insights, but also help drive new relationships that will move us rapidly forward.”
The firm has grown steadily since launching its cloud-based platform in 2012, more than tripling its enterprise SaaS revenue year-over-year. SyncHR’s swift advancement is largely attributed to their enterprise deployments in the retail, technology, financial services, media, and healthcare sectors. Their target client base is mid-size businesses who are in need of an enterprise-class HCM platform that is both efficient and affordable.
“HCM is an incredibly hot space that continues to grow, and mid-size enterprises especially are lacking robust solutions. We recognize that SyncHR currently is providing the best answer with a single enterprise-class application that simplifies the complexities of Core HR, benefits and payroll.” explained Ryan Drant, who represents NEA on SyncHR’s board.
“SyncHR’s innovative technology solves large, critical human capital management problems for mid-size markets,” said Peter Roshko, General Partner at Boulder Ventures, “their value proposition has them poised for success as they redefine and simplify these increasing complex areas. We’re excited to back their vision.”
The company also announced three recent additions to its board of directors: Pete Daffern, CEO of Answers Cloud Services; Andy Chmyz, CFO of Roblox and previous CFO of SugarCRM; and Peter Behrendt, former CEO of Exabyte.
SyncHR’s patented, enterprise-class technology is redefining and simplifying HCM for mid-market organizations. It provides critical advantages not found in traditional systems by automating HR, benefits, and payroll processes, balancing the distribution of work, and centralizing data to ensure accuracy at all times. For more information on SyncHR’s innovative technology solution, visit www.syncHR.com.
About Boulder Ventures
Founded in 1995, Boulder Ventures invests in experienced entrepreneurs and their teams building technology and life science companies in Colorado and the Mid-Atlantic region. The firm’s portfolio companies in software, networking, data storage, drug discovery and tools, and technology enabled services, lead their markets through superior management, market vision, and differentiated products. Boulder Ventures has embraced this focused approach to successful venture capital investing for more than fifteen years, raising venture capital partnerships totaling $360 million in committed capital. Visit www.boulderventures.com.
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With nearly $17 billion in cumulative committed capital since inception NEA invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm’s long track record of successful investing includes more than 200 portfolio company IPOs and more than 320 acquisitions. Visit www.nea.com.
About Grayhawk Capital
Grayhawk Capital is a venture capital firm that funds outstanding early and growth stage technology companies. The three partners of Grayhawk Capital have experience managing venture funds totaling more than $500 million, with a collective 70+ years of experience. Their investment philosophy targets companies with exceptional management teams, in rapidly growing markets, possessing innovative and disruptive product offerings. Visit www.grayhawkcapital.us.
About EPIC Ventures
For over 20 years, EPIC Ventures has partnered with entrepreneurs to build lasting, category-defining information technology businesses. The firm focuses on early-stage opportunities throughout the western states, and works actively alongside a broad network of advisors to help its portfolio companies succeed. Visit www.epicv.com.
SyncHR is the Human Capital Management (HCM) cloud-based technology leader streamlining Core HR, benefits, payroll and reporting in a single, enterprise-class application for mid-sized businesses. Founded in 2010, the SyncHR team of industry veterans and visionaries has developed patented technology that saves time, increases productivity, and delivers a superior economic value by simplifying the complexity of HCM through one robust application. The company’s dedicated services and customer care teams deliver industry-leading implementation times, and the intuitive interface creates an enhanced user experience for employees and administrators. SyncHR has created a new reality in HCM by making centralized, interrelated data easy to access, correct, control, and analyze – anytime. www.syncHR.com.
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