Nuvolo Raises $31M Series C Funding to Accelerate Global Expansion and IWMS Platform Evolution
PARAMUS, N.J., March 2, 2021 /PRNewswire/ -- Nuvolo, the world's fastest-growing workplace software company, today announced that it has raised an additional $31M in funding led by global venture capital and private equity firm Insight Partners. With this Series C round, Nuvolo is planning a major expansion of the company's workforce in addition to bolstering its industry leading technology stack as part of an aggressive investment and acceleration of its product roadmap over the next two years.
Nuvolo Connected Workplace, Built on Now™, is the world's fastest growing SaaS-based Integrated Workplace Management System (IWMS). Nuvolo serves more than 1,550 clients globally - and has become the go-to IWMS solution for organizations that demand modern, mobile-first workplace service management including facilities and device maintenance, robust regulatory compliance in their operations, and a practical operational technology (OT) cyber security capability for connected non-IT devices.
IWMS solutions are evolving as a focal point of every major digital transformation initiative. Modern IWMS solutions like Nuvolo Connected Workplace are enabling organizations to better manage their operations through one unified platform. Traditionally, teams would need to work through several disparate systems to manage things like real estate and lease portfolios, operational technology, facilities and assets, workspace optimization, and environmental sustainability standards. Nuvolo Connected Workplace extends beyond the traditional IWMS scope by offering modern field service management (FSM) and innovative and capable cyber security protection for network connected non-IT devices.
"Connected Workplace is the future of workplace service management for the enterprise. To lead this market transformation, we are committed to providing our customers and partners with world class capability for maintenance, space, capital projects, real estate, sustainability, FSM and OT security, all built natively on the ServiceNow platform," said Tom Stanford, Nuvolo CEO. "Connected Workplace is the realization of a sustained, long-term commitment to disrupt a $10B+ addressable market for legacy IWMS, EAM, FSM, and CMMS. Insight Partners understands our business and will drive greater velocity of our connected workplace strategy and help us best serve the needs of a growing portfolio of customers and partners globally."
Nearly two thirds of businesses are investing in modern facilities and workplace services technologies over the next year. Workplace transformation is now a board level initiative for the enterprise. Modern IWMS or connected workplace solutions are a necessity for these organizations to streamline workflow and workplace management in a single platform rather than trying to manage multiple disparate systems across the enterprise.
"At Insight, we invest in companies with a clear mission to scale and that provide practical technology solutions addressing real world problems, and Nuvolo has been building this for years," said Richard Wells, Managing Director at Insight Partners. "They are leading the future of the connected workplace, a critical reality for the future of how companies manage risk and operate safely. We're proud to support Nuvolo's vision and look forward to seeing the company continue its impressive growth in the years ahead."
Disparity and a collection of point solutions leads to lower quality maintenance, safety issues, higher supplier costs, lower service productivity, inefficiencies in lease management, and other similar issues in the workplace. And with OT - such as HVAC systems - increasingly being connected to an organization's network, IWMS solutions are critical to detecting and protecting against network security threats that were previously unimaginable.
"We are excited to partner with Nuvolo to leverage Insight Onsite, our business strategy and ScaleUp division, to further enhance Nuvolo's market leadership," said Henry Frankievich, Principal at Insight Partners. "Insight's expertise in helping SaaS leaders rapidly scale will drive enhanced support and product investment for Nuvolo's customers."
In addition to Insight Partners, other investors in the round include New Enterprise Associates, Kaiser Permanente Ventures, and Revelation Partners.
Organizations across multiple industries, including healthcare, life sciences, financial services, and even the public sector have already benefited from Nuvolo Connected Workplace For more information on Nuvolo , please visit www.nuvolo.com.
Nuvolo is the global leader in modern, cloud-based connected workplace solutions, Built on NOW. We provide a single platform to manage all people, all physical locations, all assets, and all work. Industries served include healthcare, life sciences, retail, government, higher education, technology, financial services and enterprise. Nuvolo is headquartered in Paramus, NJ with a global workforce located throughout North America, Europe and Asia.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.