Denver-based SyncHR, creator of a cloud-based HR platform, announced the recent closing of a $16 million funding this week. The company plans to use the new capital to continue driving rapid growth, which it hopes to achieve by expanding its customer success and go-to-market teams and investing further in product development.
Earlier this year, SyncHR released a report citing exponential growth and expansion in 2016. The company added four new execs, doubled the size of its team, and more than doubled its revenue year over year. It also added a number of new product features and functions and boasted a customer implementation rate of 97 percent within the first 90 days of adoption. The success over the last year no doubt contributed to the size of this latest round of fundraising.
“We’ve made tremendous strides in moving up market,” said CEO Pamela Glick in a statement. “This success can be directly attributed to the many talented and passionate employees, and to the support of the SyncHR board and our investors.”
In order to maintain its strong growth trajectory, SyncHR stated that it will invest the funds in the development of the next evolution of its Human Capital Management (HCM) platform. The tech firm also hopes to grow partnerships, increase penetration into mid-size companies and focus more directly on the end-user.
The round was led by National Enterprise Associates (NEA), along with other existing investors Boulder Ventures, Grayhawk Capital and EPIC Ventures. SyncHR also saw participation from new investors Acadia Woods and Peninsula Ventures.
“The unparalleled automation and innovation that SyncHR continues to deliver to the HCM space are what differentiates their SaaS platform,” said Peter Roshko, general partner at Boulder Ventures, in the statement, “We feel that they are well positioned for accelerated growth.”
SyncHR relocated to Denver in 2016, citing a booming economy and the city’s tech-focused business community. With this funding, we expect to see the company continue to grow its Denver-based workforce.
Photo via social media.
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