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VNDLY Secures $8.5M in Series B-1 Round of Financing

By HR Tech Outlook | Friday, May 08, 2020

Launched in 2017, VNDLY is recognized by industry veterans as a top-ranking technology provider in the vendor management systems category (VMS). The company intends to use the proceeds of the round to further its groundbreaking innovation, global expansion, and product development that includes building out new software modules

Fremont, CA: VNDLY, a leading cloud-based workforce management systems provider, raised $8.5 million in its Series B-1 round of financing. The funding round was led by Madrona Venture Group, a Seattle-based venture firm that has backed many industry-defining technology companies such as Amazon, Smartsheet, and Snowflake. Madrona's Steve Singh will join the VNDLY board, in conjunction with the funding event. The recent venture funding round brings VNDLY's external funding total to $57.5 million, with the previous Series B investments totaling $35 million in 2019.

Launched in 2017, VNDLY is recognized by industry veterans as a top-ranking technology provider in the vendor management systems category (VMS). The company intends to use the proceeds of the round to further its groundbreaking innovation, global expansion, and product development that includes building out new software modules. 

Top 10 Workforce Management Solution Companies - 2019"We're honored that Madrona sees VNDLY in the same light as the other technology greats they stand behind. We know this will be a major driver for us as we move to the next level in our industry, continuing our mission to challenge the status quo offered by legacy VMS firms successfully," said Shashank Saxena, VNDLY's CEO.

Singh, the former CEO and co-founder of Concur, joined Madrona earlier this year as a managing director after participating for many years as a strategic advisor and angel investor. Concur was acquired by SAP in 2014 for $8.3 billion. He remained with the company through 2017 and was responsible for the majority of their cloud businesses, including Ariba, Fieldglass, and Concur. Singh currently serves as the Chairman of Talend and on the boards of DocuSign and WaFd Bank.

 "As the contract workforce grows, VNDLY's cloud-native vendor management solution gives employers and contractors an AI-based platform that adapts to the changing needs of both groups. I am looking forward to working with Shashank and the VNDLY team to build the market-leading workforce management company," Singh said.

See also: Top Artificial Intelligence Companies

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