Three-year-old human resources tool Employee Cycle has just closed its seed round with a focus on the development and launch of its Employee Data Platform, the company said Tuesday.
The $2.5 million round was led by Impellent Ventures with participation from Collab Capital and Converge VC. Philly’s Tarik Trotter, better known as Black Thought from The Roots, joined in the round as an investor, along with other angel investors and contributors.
The Employee Cycle software currently integrates with other commonly used HR software systems in the HR tech vertical, like payroll and recruiting solutions. The goal is to allow HR leaders to unify and analyze data across their organization. A human resources professional can spot trends and data across recruiting, turnover, retention, diversity and inclusion efforts, compensation and performance on the platform.
“We always hear that employees are a company’s greatest asset, but with most organizations having employee data spread across multiple HR systems, they end up knowing very little about the people who work for them,” cofounder and CEO Bruce Marable said in a statement. “To solve this problem, we’re empowering companies to transform their disconnected employee data into centralized workforce insights, to make smarter and more data-driven workforce decisions.”
Marable and cofounder Salas Saraiya initially built the software with a handful of contractors, but their team is currently made up of seven full-time and three part-time employees. Employee Cycle currently focuses on small and mid-market customers, with between 100 and 5,000 employees. The company previously raised initial funds from local investors including Ben Franklin Technology Partners, The Enterprise Center, AJ Bruno from Quotapath, Steven Finn of Local Stove and Bob Moore of Crossbeam.
This seed funding will go toward the continued development of the Employee Data Platform and its eventual launch in November, with a full version of the EDP projected to be available in January. HR leaders will be able to view and share real-time data, generate custom reports and metrics and perform data quality audits, Marable said in an email. The cofounders also plan on scaling up hiring in sales, marketing and engineering.
Marable said they looked for investors who believe in the company’s mission and are aligned with the direction Employee Cycle is going in. They also sought out those who will add industry experience, and represent a diverse investor base.
“These investors are already providing valuable guidance that has real-time impact on our business,” Marable said.
Impellent Ventures General Partner Trotter said that his investment stems from a belief in supporting founders from underrepresented communities who are focused on “redefining” the status quo.
“To me, employers can do so much more to recruit, hire and support diverse candidates during the on-boarding process,” Trotter said. “Bruce and his team are proof that talent and great ideas are going to flourish, regardless of the statistics. It’s my goal to ensure he and other Black and Brown founders are given the financial opportunities to create lasting businesses.”-30-