Moving cities for work is hard, and doing so without relocation support is a challenge few feel equipped to face. UrbanBound provides web-based relocation services for companies tending to new hires and transfers, with a platform tailored to help corporations assist their employees as they move. Today, two-year-old company announced a $5 million series A led by Grotech Ventures with participation from StarVest Partners, an experienced SaaS investor.
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With this funding, UrbanBound will grow its team of 14 and continue to innovate its platform. Today, over 100 companies, mainly from the Fortune 1000, use UrbanBound’s services to provide relocation benefits affordably to more employees across the U.S. According to the UrbanBound team, this helps companies convert more offers into acceptances, and boosts employee retention.
The key to UrbanBound’s service is that the employees themselves facilitate their moves. Companies invite their employees to create accounts, through which they can find their new neighborhood, the perfect moving company, service providers and even permits and stickers.
“UrbanBound’s unique platform allows employees to educate themselves on their new city, organize and plan their entire move, and get connected to vetted service providers who offer aggressive discounts through our group buying power,” says co-founder Michael Krasman.
With the employee in the driver’s seat of their relocation, employers simply need to keep track of his or her progress through the mobile-optimized app. Not only can companies see which aspects of the move are proving most difficult, they can also manage and reimburse expenses directly through the app.
By bringing a concierge approach to relocation, UrbanBound has upped the ante for companies that simply hand employees a lump sum and nothing else.
“We believe in challenging the status quo in the $60 billion global relocation market by thinking differently about how businesses relocate and onboard employees,” said co-founder Jeff Ellman. “By providing an affordable tool that empowers employees to make a smooth transition to a new location with minimal impact on their work and home life, we give our customers a powerful new benefit to offer to existing employees and new hires.”
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