Charleston software firm PeopleMatter raises $16 million to fuel growth
A Charleston-based software maker has raised more money to launch new products and further accelerate its growth, bringing its total startup capital kitty to $63 million.
PeopleMatter CEO Nate DaPore also said the firm is moving ahead with its previously announced plan to add more office space on Upper King Street.
The company closed on its fifth round of financing Friday, he said.
The $16 million injection was led by New York-based StarVest Partners. It included money from all of PeopleMatter’s earlier investors: Harbert Venture Partners, Intersouth Partners, Morgenthaler Ventures, Noro-Mosley Partners, Scale Venture Partners and C&B Capital.
“We weren’t looking for capital at the time, and we didn’t need to raise capital,” DaPore said. But the terms of the deal were too enticing to turn down, he added.
PeopleMatter’s cloud-based software is designed as a one-stop tool to simplify recruiting and other personnel tasks for service-industry employers, including fast-food restaurants, hospitality businesses and convenience store chains.
DaPore said the company is still working on it overseas expansion plan, but it will likely focus on Europe first. Its U.S. customers with international operations could serve as the springboard into that market, he said.
At the same time, PeopleMatter is renovating the 10,000-square-foot former Citi Trends store across from its Upper King office. It will serve as temporary space until the completion of new building next door to the firm’s headquarters.
PeopleMatter opened for business in the Charleston Digital Corridor’s Flagship high-tech incubator at East Bay and Calhoun streets in 2009 with three associates.
The firm now has 155 full-time employees.