Venture capital firms have poured $7.2 million into a specialty software company that set up its headquarters in the Charleston region 18 months ago.
The fresh funding for PeopleMatter brings the firm’s total amount of financing commitments from the VC industry to more than $14 million.
The latest round was led by Atlanta-based Noro-Moseley Partners, with participation from three previous PeopleMatter investors, C&B Capital, Intersouth Partners and Harbert Ventures.
North Charleston-based PeopleMatter said it plans to use the new money to expand its sales and marketing efforts in North America and invest in its operations and services.
“It was done to really fuel the product pipeline and accelerate the growth we’re having now,” said Nate DaPore, founder, president and chief executive officer.
The privately held company has about 50 employees, mostly working on the former Navy base, and it hopes to double that number by the end of the year to beef up the engineering side of its business.
The firm’s software is designed as a one-stop tool to simplify recruiting and other personnel tasks for service-industry employers, including fast-food restaurants and convenience stores.
“In layman’s terms, it manages the employee from hire to retire,” DaPore said.
PeopleMatter launched the software platform in September and sells it on a subscription basis. In the first quarter it signed up subscribers representing 1,000 retail locations.
Mike Elliott, a managing partner with Noro-Moseley who will join PeopleMatter’s board, said the market the company is targeting “is poised for substantial growth.”
PeopleMatter got its start by acquiring the software assets of Columbia-based Acadia Human Capital Solutions. It opened for business in the Charleston Digital Corridor’s Flagship high-tech incubator at East Bay and Calhoun streets in 2009 with three associates.
“We basically have grown the company from the ground up right here in Charleston,” DaPore said.