Seattle-based Madrona Venture Group led an $8.5 million investment round in VNDLY, a Cincinatti, Ohio-based vendor management startup.
- Founded in 2017, VNDLY helps companies manage and pay their non-employee workforce. Total funding to date is $57.5 million.
- The investment came out of Madrona’s $100 million Acceleration Fund, an investment vehicle for later stage companies and those based outside of the Pacific Northwest.
- Steve Singh, the former Concur and Docker CEO who joined Madrona earlier this year as managing director, took a board seat at VNDLY as a result of the funding. In a blog post, Singh said the investment fits Madrona’s focus on “intelligent applications.” “Like every other component of the enterprise application stack, there is an opportunity to materially improve the completeness, the economic value and the ease of use, of solutions focused on the vendor and contract workforce,” he wrote.
