SAN FRANCISCO and LONDON, October 7, 2015 /PRNewswire/ --
Company Raises Over $15 Million in Series B Funding with NEA and Notion Capital and Expands Leadership Team
MOVE Guides, the leading platform for talent mobility, today announced $15.6 million in Series B funding led by New Enterprise Associates (NEA) and Notion Capital. The company is also announcing the appointment of veteran technology executive Jim Drill as the company's first President, based in San Francisco.
"Companies today know that attracting, deploying and retaining talent at a global scale is critical to their business success," said Brynne Herbert, CEO and Founder of MOVE Guides. "We're thrilled that we can help achieve this with our Talent Mobility Cloud to easily manage and deliver global mobility programs across more than 200 locations."
MOVE Guides has raised $30 million to date and increased revenue by more than 500% since the Series A last year. The company has an average 300% expansion rate in accounts after an initial sale.
"Enterprises are clamouring for a software solution with enough power and agility to automate workflows and data across a fragmented value chain that spans multiple cost centers," said Ravi Viswanathan, General Partner at NEA. "As workforce demographics increasingly shift to a more mobile workforce, this large and virtually untouched segment of the HR market is ripe for explosive growth - we believe MOVE Guides is exceptionally well positioned to be the platform of choice for employers to manage talent mobility effectively, seamlessly and with far greater cost efficiency."
Almost 90% of companies plan to increase the number of employees they relocate for work this year and next, a 2014 PwC survey on 193 U.S. and international companies indicated. Driven by strong talent wars, PwC also cites that 63% of CEOs are concerned about the availability of key skills in local markets. Yet, according to Deloitte, just 8% of companies say their global mobility program is world-class, often driven by high costs and inefficient administration.
Customers such as Société Générale, OpenTable and Adobe rely on MOVE Guides to move employees worldwide.
"MOVE Guides ensures we deliver a great employee experience for our relocating staff," says William Taylor, Director of Global Mobility at Adobe. "This is an important employee benefit amid today's talent wars."
The new funding will be used towards the continued global expansion of MOVE Guides in San Francisco under the leadership of Herbert and Drill. MOVE Guides also plans to launch new products to improve the employee relocation experience and to help companies estimate, manage and optimize costs across their mobility program. A typical enterprise may spend more than $200 million per year on their global mobility program, and yet have dissatisfied employees.
"In a short period of time, MOVE Guides has established traction in the US and Europe with companies of all sizes. The company is the clear leader in offering a next generation, cloud platform to power global mobility programs," says Jos White, partner at Notion Capital. "We are thrilled to increase our stake and welcome an expanded leadership team to the company."
About MOVE Guides:
MOVE Guides is the platform for talent mobility. MOVE Guides partners with HR and finance departments to manage and deliver full global mobility programs for new hires, relocations, projects and expatriate assignments across more than 200 locations. Using MOVE Guides, companies improve employee experience and reduce total costs by up to 10% versus a traditional relocation management company. MOVE Guides has offices in San Francisco, London, New York and Hong Kong, with a global network of more than 1,000 vendor partners. For more information go to: http://www.moveguides.com and follow MOVE Guides on Twitter, Facebook and LinkedIn.
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With nearly $17 billion in cumulative committed capital since inception NEA invests in technology and healthcare companies at all stages in a company's lifecycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 200 portfolio company IPOs and more than 320 acquisitions. http://www.nea.com.
About Notion Capital:
Notion Capital is a venture capital firm focused on high potential businesses in the Cloud Computing and Software-as-as-Service (SaaS) markets. The Notion team has unique expertise and experience in the Cloud Computing market having founded, built and exited two highly successful businesses in the space - Star and MessageLabs. The four partners at Notion are Stephen Chandler, Ian Milbourn, Chris Tottman and Jos White. Companies within Notion's portfolio include Adbrain, Currency Cloud, Duedil, IOCS, MOVE Guides, NewVoiceMedia and Tradeshift. For more information go to: http://www.notioncapital.com
SOURCE MOVE Guides