WorkForce Software Raises $17 Million in Series A, Mezzanine Funding
Livonia, MI-based WorkForce Software recently announced it has raised $17 million in Series A and mezzanine funding. The round of funding came from Los Angeles-based K1 Capital and Raleigh, NC-based Triangle Capital, and is a combination of Series A funding ($5 million) and mezzanine funding ($12 million).
The company was founded in 1999 by three Michigan natives who continue to be heavily involved in the business, says vice-president of marketing Marc Moschetto. After being self-funded for most of its existence, WorkForce Software, which creates tools to help organizations automate complex workforce management operations, sought outside funding because it was experiencing rapid growth. Moschetto said WorkForce Software helps companies weed out inefficiencies, track employees’ tasks and the time it takes them to complete each task, and ensure paychecks are accurate.
“As demands for workforce management become more sophisticated, there is a greater need for solutions like ours,” Moschetto said.
A big part of WorkForce Software’s business is in helping companies comply with state and federal regulations when it comes to scheduling. For example, WorkForce will help a nuclear power plant manage employee fatigue and make sure that workers get the proper number of required hours or days off between shifts.
“Old-fashioned time clock management is important, but it’s really only the beginning,” Moschetto said.
WorkForce Software is growing at such a rapid pace that, a few weeks ago, it held its own job fair on the campus of Schoolcraft College in Livonia. Moschetto said there are still open positions; interested parties should visit the company’s website for a complete list of jobs.
For the foreseeable future, Moschetto says, the Workforce Solutions is staying in Michigan to take advantage of what he describes as a community with an excellent work ethic.
“We have a great talent pool to draw from,” Moschetto says.
As part of the new funding, K1 Capital and Triangle Capital will get board seats.