Evolv On-Demand said Tuesday it raised $15.75 million in Series-C financing led by GGV Capital and supported by existing investors Khosla Ventures and Lightspeed Venture Partners. The employee-employer matching site has raised $27.5 million to date. As part of the funding, Jeff Richards, a partner at GGV Capital, will join Evolv’s board of directors
Evolv On-Demand Closes $15.75 Million Financing
Accelerates Global Expansion
SAN FRANCISCO, California—April 27, 2011— Evolv On-Demand, the leading provider of science-based, on-demand talent matching and intelligence solutions, today announced that it has raised $15.75 million in Series-C financing, bringing the total capital raised by the company to $27.5 million. The round was led by GGV Capital and supported by all existing investors, Khosla Ventures and Lightspeed Venture Partners. As part of the funding, Jeff Richards, Partner with GGV Capital will join Evolv’s Board of Directors.
This round follows a wave of significant new client engagements and the recent addition of Google’s Chief Human Resources Officer, Laszlo Bock, to the Company’s Board of Directors. The new capital will be used to address increasing market demand for Evolv’s feedback-driven talent matching solutions, accelerate the company’s expansion into new global markets and develop new product areas.
“GGV’s track record in working with high growth SaaS companies and the firm’s strong presence in China are a great fit for Evolv. We look forward to working with them and our existing investors as the Company continues to gain momentum,” said Max Simkoff, CEO, Evolv. “In just the last two quarters, Evolv has seen an exponential growth rate in terms of both new customers and revenue as large companies have started to take notice of the spectacular results we’ve been producing across our client base. Our growing list of client partners is now saving tens of millions of dollars per year by using Evolv’s unique, science-based selection platform to hire entry-level employees who reduce early turnover rates by over 20% within months of the initial Evolv implementation.”
“The talent technology and services market in the US alone is more than $35B. In Evolv, we see a company that is utilizing science and data to crack the code on what every hiring organization wants to know – how to make profitable and lasting hiring decisions,” said Jeff Richards, Partner, GGV Capital. “We are incredibly impressed with the customer traction Evolv has achieved in the last year, and I look forward to working with the management team as they continue to lead the market in talent intelligence.”
Evolv is the leader in science-based, on-demand Talent Matching and Talent Intelligence solutions, enabling enterprises around the world to systematically improve their operations, brands and bottom lines through superior talent. Evolv’s award-winning Software-as-a-Service platform utilizes a web-based selection and assessment process to better match employers and employees, calibrating its selection algorithms using actual on-the-job employee data for every previous applicant hired through the platform. Evolv’s clients utilize the Evolv platform to reduce employee attrition by 20-30%, improve hourly employee productivity metrics by 5-10%, and improve annual operating margins by over 20%. Evolv delivers data-driven certainty and custom-configured solutions that easily integrate with existing workforce solutions such as applicant tracking systems. Visit www.evolvondemand.com or call (866) 971-4473 and follow Evolv on Twitter @evolvondemand.
About GGV Capital
GGV Capital (formerly Granite Global Ventures) is an expansion stage venture capital firm focused on the United States and China. GGV Capital manages more than $1 billion from its offices in Silicon Valley, Shanghai, Beijing and Singapore. The firm invests across a range of sectors in information technology, services and healthcare, as well as the consumer growth sector in China. Eight of GGV’s portfolio companies have completed initial public offerings (IPO’s) in since the beginning of 2010 across four different exchanges (NASDAQ, NYSE, HKSE and Shanghai). Representative investments include 21Vianet (NASDAQ: VNET), Alibaba Group, AAC Acoustic (2018.HK), AthenaHealth (NASDAQ: ATHN), China Talent Group, hiSoft (NASDAQ: HSFT), Pandora, QuinStreet (NASDAQ: QNST),, SuccessFactors (NASDAQ: SFSF) and Tudou.For more information, visit www.ggvc.com.
About Khosla Ventures
Khosla Ventures offers venture assistance, strategic advice and capital to entrepreneurs. The firm helps entrepreneurs extend the potential of their ideas in breakthrough scientific work in clean technology areas such as solar, battery, high efficiency engines, lighting, greener materials like cement, glass and bio-refineries for energy and bioplastics, and other environmentally friendly technologies as well as traditional venture areas like the Internet, computing, mobile and silicon technology arenas. In 2009, Khosla raised one of the largest new venture funds of the year, closing at over $1 billion. In May of 2010, Khosla announced that Tony Blair — former Prime Minister of Great Britain — had joined the firm. Vinod Khosla founded the firm in 2004 and was formerly a General Partner at Kleiner Perkins and founder of Sun Microsystems. Khosla Ventures is based in Menlo Park, California.
About Lightspeed Venture Partners
Lightspeed is a leading global venture capital firm that manages over $2 billion of capital commitments, having closed Lightspeed VIII, an $800 million fund, in early 2008. Over the past two decades, their investment professionals have backed more than 150 companies, many of which have gone on to become leaders in their respective industries. Investments include Blue Nile, Brocade, Calista, DoubleClick, eHealth, Growth Networks, Informatica and Riverbed Technology. Lightspeed invests in the U.S. and internationally, with investment professionals and advisors located in Silicon Valley, China, India and Israel.