Relay Ventures and Matrix Partners provide funding to further develop and market HR platform for SMBs
WATERLOO, Ontario and BOSTON – August 1, 2012 — TribeHR (www.tribehr.com), pioneer of the industry’s first social HR platform, today announced it has secured $2.5 million in financing led by Relay Ventures, with participation from Matrix Partners. The funds will be used to accelerate the development of new social and mobile products and go-to-market strategies for TribeHR’s cloud-based HR management platform.
TribeHR is the only solution that manages the entire employee lifecycle from recruitment and applicant tracking, to time off tracking and salary history, and performance management. More than just an HR management platform, TribeHR melds social capabilities that stimulate employee engagement and foster strong corporate cultures. This enables organizations to move beyond paper-based methods, to automate key HR processes and drive employee engagement.
“TribeHR has been built from the ground-up with the goal of simplifying day-to-day HR admin so that businesses can focus on building the best teams and promoting the strongest workplace culture,” said Joseph Fung, TribeHR CEO. “This new round of funding will allow us to enhance our solutions by adding both social and mobile features which will lead to increased effectiveness of the HR manager.”
“Beyond handling HR management tasks, TribeHR provides innovative social functions and a distinct user experience that map precisely to both the needs and culture of rapidly growing small and medium-sized business, especially those increasingly reliant on tablets and smartphones,” said John Albright, managing director of Relay Ventures, an influential early-stage VC firm focused on the mobile ecosystem. “Put simply, TribeHR makes HR less about the numbers, and more about the people.”
“TribeHR is the only platform that effectively manages the relationship between employers and employees from the moment they submit their resume and throughout their employment,” said David Skok, general partner of Matrix Partners. “Other solutions solve a piece of the HR puzzle, while TribeHR handles it all in a way that makes the HR role not only more efficient but also more strategic and forward-looking.”
About TribeHR Corp.
Headquartered in Waterloo, ON and Boston, MA, TribeHR Corp. builds TribeHR, the first truly social human resources management software. Its easy-to-use tools are used by businesses worldwide, allowing companies to focus more on what they do best and less on things that get in the way. TribeHR was founded in 2009 and is funded by Matrix Partners and Relay Ventures. For more information, visit www.tribehr.com.
About Relay Ventures
Relay Ventures is an early stage venture capital firm that invests in passionate entrepreneurs disrupting and creating new markets through mobile technologies. Unlike other funds, Relay exclusively focuses on software for mobile devices and the connected Internet, creating an unparalleled set of networks and resources that tangibly help founders build world-class companies. With offices in Menlo Park and Toronto, the firm is active throughout North America. For additional information, visit www.relayventures.com.
About Matrix Partners
Matrix Partners is a premier venture capital firm that has generated outstanding returns for more than three decades. By focusing on early-stage investments and emphasizing long-term relationships with entrepreneurs, the firm has delivered several of the industry’s top performing funds of all time. Matrix Partners has offices in Cambridge and Waltham, MA; New York, NY; Palo Alto, CA; Mumbai, India; and Beijing and Shanghai, China. Matrix Partners has invested in several game-changing, industry-leading businesses such as Apple Computer, Gilt Groupe, JBoss, Netezza, Phone.com, Polyvore, Starent Networks, Sycamore Networks, Veritas, Zendesk, and Zong. More at www.matrixpartners.com.
InkHouse (on behalf of TribeHR)
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