PeopleMatter secures $16 million in Series E funding

Staff Report
Published Oct. 28, 2013

Charleston-based PeopleMatter announced today that it has secured $16 million in Series E funding led by New York-based StarVest Partners.

PeopleMatter plans to use the funds to accelerate its growth by launching new products, investing in sales and marketing and expanding internationally. The company did not comment on where it plans to expand.

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PeopleMatter is a cloud-based workforce management platform designed for the service industry and hourly workforce. It has now raised more than $63 million.

“We have some amazing products in the pipeline, and this funding is going to allow us to accelerate these releases, as well as expand internationally,” PeopleMatter President and CEO Nate DaPore said in a news release.

New York-based StarVest Partners, an early adopter of SaaS —software as a service — companies, focuses on emerging technology and services companies. They were the first venture firm to invest in NetSuite.

The StarVest-led round includes participation from all prior investors: CB Capital Partners Inc., Harbert Venture Partners, Intersouth Partners, Morgenthaler, Noro-Moseley Partners and Scale Venture Partners.

“This investment by StarVest enables us to accelerate the adoption of our innovative, elegant and transformative products in the market for employers who are looking to drive business execution across their business,” DaPore said.

With this investment, StarVest Founder and General Partner Deborah Farrington joins PeopleMatter’s board of directors.

“PeopleMatter has rapidly altered the landscape of service industry employers with elegant, easy-to-use products, so employers are no longer tethered to paper, spreadsheets, inadequate point solutions or cobbled together suites of products,” Farrington said in a news release. “They are the only SaaS company to design a platform from one source code that manages all aspects of the employee life cycle for service industry employees both large and small.”

Since the previous funding led by Scale Venture Partners, PeopleMatter has increase its customers by 296%. Holiday Inn Express, IHOP, Five Guys and Jiffy Lube are among its new customers.

It has also acquired PeopleClues, an assessment provider with customers in Australia, Canada, China, New Zealand and the United Kingdom.

StarVest Partners is a New York-based venture capital firm with $400 million under management. It funds technology-enabled business services companies throughout the U.S. It is traded on the New York Stock Exchange under the symbol N.

PeopleMatter provides an integrated human resources management product specifically built to serve hourly workforces in the service industry.

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