VNDLY closes $35M Series B for its cloud-based work management system (WMS) technology platform designed for managing non-employees
VNDLY, a SaaS tech startup transforming how companies manage the contingent workforce with its SaaS Work Management System (WMS), announced today that it has closed a $35 million Series B funding for continued product innovation, global expansion, and the continued investment in customer service and support.
The round was led by Insight Partners with participation from Battery Ventures, Hyde Park Venture Partners, EPIC Ventures, Bowery Capital, and the Cintrifuse Syndicate Fund. Other backer includes ServiceNow. This new funding round brings VNDLY’s 2019 funding to $46 million and total funding to $49 million.
Founded in 2017 Narayana Surabhi and Shashank Saxena, the Mason, Ohio-based VNDLY helps companies to manage the entire non-employee engagement lifecycle from talent acquisition to training to payment and offboarding using its cloud-based Work Management System (WMS). VNDLY serves as the ERP system of record for multiple Fortune 500 companies to manage their entire contingent and non-employee workforce on a single platform.
VNDLY is a cloud-native platform that helps simplify the implementation, integration, and change management aspects compared to legacy VMS solutions. The VNDLY platform is comprised of four major modules: Contingent Workforce Management, Statement of Work (SoW) Management, Independent Contractor (IC) Compliance, and Total Talent Acquisition.
“We are incredibly excited about this new round of funding and the investments it enables us to make,” said Shashank Saxena, Co-Founder and CEO, VNDLY Inc. “We are extremely grateful and humbled by the trust and faith our customers and the investment community have placed in us.”
“As the gig economy continues to transform the future of work, VNDLY has been on our radar since its inception. We’ve tracked their progress and growth for the last few years and are now excited to partner with VNDLY to scale-up revenue and operations and expand globally,” said Jeff Lieberman, Managing Director at Insight Partners. “We are excited about VNDLY’s traction with the Fortune 500 customer base and differentiated Work Management System as we begin working together to transform the VMS market.”
VNDLY has added multiple new clients this year, including twelve Fortune 500 companies, half of which are financial services clients. VNDLY’s diverse customer roster currently spans across Healthcare, Financial Services, Retail and Consumer Goods, Automotive, Oil and Gas, Energy and Utilities, Manufacturing and Distribution, and Higher Education.
“I’ve served on the VNDLY Board since our investment in the Series A round earlier this year and am extremely excited about what the future holds for VNDLY. We continue to be impressed by the operational effectiveness, relentless customer focus, and modern, disruptive technology vision that the VNDLY team brings to the market. That’s why we decided to double down on the opportunity and increase ownership interest in VNDLY in this round,” said Michael Brown, Partner at Battery Ventures.