NEWS AND INSIGHTS
VNDLY Receives $8.5 Million in Series B-1 Funding from Madrona Venture Group
CINCINNATI, May 5, 2020 /PRNewswire/ — VNDLY, a leading cloud-based workforce management systems provider, announced its most recent round of Series B-1 funding — $8.5 million led by Madrona Venture Group. Madrona’s Steve Singh will join the VNDLY board. This brings the company’s external funding total to $57.5 million, with the previous Series B investments totaling $35 million in 2019. Madrona Venture Group is a Seattle-based venture firm that has backed many industry-defining technology companies like Amazon, Smartsheet, and Snowflake.
Founded in 2017, VNDLY is recognized by industry experts as a top-ranking technology provider in the vendor management systems category (VMS). The company, which already has many Fortune 500 clients, will use the most recent investment to continue its industry-changing innovation, global expansion, and product development that includes building out new software modules. “We’re honored that Madrona sees VNDLY in the same light as the other technology greats they stand behind. We know this will be a major driver for us as we move to the next level in our industry, continuing our mission to successfully challenge the status quo offered by legacy VMS firms,” said Shashank Saxena, VNDLY’s CEO.
Singh, the former CEO and co-founder of Concur, joined Madrona earlier this year as a managing director after participating for many years as a strategic advisor and angel investor. Concur was acquired by SAP in 2014 for $8.3 billion. He remained with the company through 2017 and was responsible for the majority of their cloud businesses, including Ariba, Fieldglass and Concur. Singh currently serves as the Chairman of Talend and on the boards of DocuSign and WaFd Bank. “As the contract workforce grows, VNDLY’s cloud-native vendor management solution gives employers and contractors an AI-based platform that adapts to the changing needs of both groups. I am looking forward to working with Shashank and the VNDLY team to build the market-leading workforce management company,” Singh said.
Founded in 2017, VNDLY transforms how companies manage their contingent workforces. Using its SaaS work management system, companies can manage the entire non-employee engagement lifecycle from talent acquisition to training to payment and offboarding. The company 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 vendor management solutions. The VNDLY platform is composed of four 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.
Madrona (www.madrona.com) has been investing in early-stage technology companies in the Pacific Northwest since 1995 and has been privileged to play a role in some of the region’s most successful technology ventures. The firm invests predominately in seed and Series A rounds across the information technology spectrum, and in 2018 raised a fund to expand initial investments into acceleration stage companies. Madrona manages approximately $1.8 billion and was an early investor in companies such as Amazon, Smartsheet, Rover, and Redfin.