More than 17 years after launching, Shiftboard today announced a $11.5 million Series A investment round.
Founded in 2002, Shiftboard initially built employee shift management software for healthcare clients. It has since expanded across several industries and use cases — and now investors want in on the action.
Indeed, it’s never too late to raise investment.
The round was led by NewRoad Capital Partners, via its Kayne NewRoad Ventures Fund II, and included participation from Voyager Capital.
Shiftboard makes cloud-based tools to help more than 1,000 organizations like Mayo Clinic and Disney manage worker schedules. Its software lets businesses integrate payroll information and utilize data to create optimal workforce operations, among other solutions. Shiftboard has more than doubled its revenue over the past two years as it adds customers from verticals like education to hospitality.
The fresh cash will be used to build out the company’s marketing and sales teams, and for international expansion.
Shiftboard CEO Sterling Wilson, who joined in 2015, said that the software differentiates from competing products because of its capacity to manage complex scheduling scenarios for a wide variety of companies. It also features real-time communication tools.
“All this in turn helps customers decrease labor costs, avoid unplanned overtime, boost employee productivity through fewer missed and tardiness of assigned shifts, and stay compliant to various labor laws, union agreements and industry standards,” Sterling noted.
Shiftboard, which employs 48 people, bootstrapped for several years after its initial launch. It raised a $4 million round in 2016; total funding to date is now $18 million.
Clete Brewer, managing partner at NewRoad Capital, will join the company’s board of directors as a result of the new investment.
“Hourly workforce management is ripe for technology adoption and Shiftboard is very well positioned to drive this market by solving the complex scheduling needs of larger organizations,” he said in a statement.
A similar Seattle startup, Shyft, has gained traction with its real-time labor marketplace that helps retail and service employees quickly swap work shifts.