Ann Arbor venture capital firm Plymouth Growth Partners has led a $7 million Series B funding round for Cleveland-based EmployStream, a provider of onboarding automation to the staffing industry.
Other participants in the funding round include 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 growing customer base.
“There’s an enormous opportunity for intuitive tools in employee onboarding,” says Gerald Hetrick, CEO of EmployStream. “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.”
Evan Ufer, a partner in Plymouth Growth Partners, will join the EmployStream board of directors. “The EmployStream team has built a powerful, easy-to-use, and candidate-focused onboarding platform for the staffing industry,” Ufer says. “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 a 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.