EmployStream announced the close of its $7 million Series B funding round led by Plymouth Growth Partners, with support from several key investors including JumpStart, Rev1 Ventures, Ohio Innovation Fund and North Coast Angel Fund.
EmployStream will use the capital to expand product development, increase its footprint in the staffing industry and drive innovation of ideas inspired by its rapidly growing customer base.
"There's an enormous opportunity for intuitive tools in employee onboarding,” EmployStream CEO Gerald Hetrick said in a statement. “Our plan is to double down and be the best provider to serve this space. Staffing agencies and other high-volume hirers are increasingly looking for a rich candidate experience and workflow automation. We offer the most complete solution in these areas and plan to significantly expand our platform with this new capital.”
Plymouth Growth Partners Partner Evan Ufer, who will join EmployStream’s board of directors, added: "The EmployStream team has built a powerful, easy-to-use, and candidate-focused onboarding platform for the staffing industry. We are thrilled to be partnering with EmployStream to help deliver even more value to its loyal customers and continue its rapid growth."
EmployStream is coming off another strong year of growth in which it began expanding its sales and marketing efforts and grew its client base to nearly 200. The company plans to add key leadership roles in business development and marketing and leverage its reputation as a high-growth, modern, SaaS company to attract top-tier talent to its product and engineering teams.
"This is an important and exciting round of funding for EmployStream," Hardik Desai, senior investing partner at JumpStart, said in a statement. "Over the past three years, Gerald and his team have demonstrated focused execution to gain market traction and they are well-positioned for future growth and scale."