CINCINNATI, Dec. 17, 2019 /PRNewswire/ — VNDLY, Inc., a cloud-based Work Management System (WMS) announced today that it has closed a $35 million Series B funding round led by Insight Partners with participation from Battery Ventures, Hyde Park Venture Partners, EPIC Ventures, Bowery Capital, and the Cintrifuse Syndicate Fund. ServiceNow also participated in this round. This new funding round brings VNDLY's 2019 funding to $46 million and total funding to $49 million. This round will serve as a foundation for continued product innovation, global expansion, and the continued investment in customer service and support.
"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.
Founded in 2017, VNDLY transforms how companies manage the contingent workforce. With its SaaS Work Management System (WMS), companies can manage the entire non-employee engagement lifecycle from talent acquisition to training to payment and offboarding. 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. For more information, please visit www.VNDLY.com.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight currently has over $20 billion of assets under management and has cumulatively invested in more than 300 companies worldwide. Our mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. Across our people and our portfolio, we encourage a culture around a core belief: growth equals opportunity. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.