PeopleMatter Secures $2.3 Million Investment
– PeopleMatter Evolving Online Personnel Management
NewswireToday - /newswire/ - North Charleston, SC, United States, 02/03/2010 - Human resources software company PeopleMatter® announced today that it has received $2.3 million in investment capital from Harbert Venture Partners, a Virginia-based firm.
The funds will help the Software-as-a-Service (SaaS) company market its unique, people-centric solutions that develop and motivate employees in a way that will grow a business.
“PeopleMatter is truly visionary in its definition of the way employers connect with their employees and job candidates,” said Wayne Hunter, Managing Partner of Harbert Venture Partners, who will join the PeopleMatter board of directors.
Founded by a team of human resource (HR) professionals, PeopleMatter brings the emerging world of online “talent management” to small and mid-sized businesses. The company’s software packs the power of a Fortune 500 management system in a program that is affordable, easy to use and intended for small and mid-sized businesses.
PeopleMatter enables human resources managers to organize and integrate their onboarding, training, employee performance, retention programs and other HR data in one place. It has many competitive advantages: the product is priced for small businesses, it’s portable, web-based, behaves intuitively with the people it serves and is backed by people who believe employees are a company’s biggest asset.
“The financing from Harbert Venture Partners brings us one step closer to launching a smart, powerful HR management tool,” said Nate DaPore, President and CEO of PeopleMatter. “Our new product comes at a time when small to mid-sized employers need a more cost effective method to grow and retain the employees that make their company shine. Up until now, a system like this was simply beyond the reach of smaller employers.”
The new investment is the second part of an overall $7.2 million financing round led by Intersouth Partners of Durham, NC. The capital will be used to accelerate product development, build the PeopleMatter brand, and expand the company’s staff in core areas.
“We’re pleased to have Harbert join PeopleMatter’s existing investor group,” said Mitch Mumma, partner at Intersouth Partners and a member of the PeopleMatter board of directors. “This company is poised to do exciting things in a market that has been underserved, and will enter the market at a critical time as many small and medium-sized businesses strive for greater efficiencies in strategic human resources.”
Founded in September 2009, PeopleMatter® (peoplematter.com) provides a unique integrated online learning/talent management solution that spans the complete hire-to-retire process. Designed for small to mid-size employers, PeopleMatter products are easy to use, powerfully productive and surprisingly personal.
About Harbert Venture Partners
Harbert Venture Partners (harbert.net) provides growth capital to early stage information technology and healthcare companies primarily across the Southeastern U.S., seeking to capitalize on what they believe are compelling regional dynamics, such as a strong and fast-growing economy, significant research and development activities, an established entrepreneurial community and a relative lack of residential institutional venture capital. Their office in Richmond, Virginia and additional team members in Birmingham, Alabama are well positioned to help Harbert Venture Partners identify attractive opportunities.
About Intersouth Partners
Located in Durham, North Carolina, Intersouth Partners (intersouth.com) is one of the largest, most active and most experienced early-stage venture funds in the country, having invested in more than 100 private companies over the last two decades. Founded in 1985, Intersouth Partners manages $780 million in seven venture capital limited partnerships. Intersouth seeks a broad range of seed and early-stage investment opportunities throughout the Southeast, focusing on the technology and life sciences sectors.
Charles Wyke-Smith, PeopleMatter
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