Chicago’s talent management software company SilkRoad just raised $16 million in a Series D round, landing the company’s total funding at $145 million since it was founded in 2003.
The round, which was raised from existing investors and was led by Silicon Valley’s Foundation Capital, will position SilkRoad for more product innovation in its cloud-based talent management system, specifically for a software solution called Life Suite, CEO John Shackleton said.
“Investors love SilkRoad because we are a leader in a large and rapidly growing market,” Shackleton said. “Cloud-based computing continues to be very hot and SilkRoad is one of the best regional examples of technology companies that are riding the wave.”
Backed by the continued support of investors from outside Chicago (like Intel Capital, Azure Capital Partners and Crosslink Ventures of San Francisco and Keating Capital of Colorado) and about 1,800 small and medium-size customers worldwide, SilkRoad continues to aim its growth on a global scale. But even with a global reach, SilkRoad is active in Chicago’s local tech scene and has about 80 of its 500 employees based in the Chicago area.
“We're active in local industry groups, from HR to technology, as well as the regional investment community,” Shackleton said. “Our innovation continues to leverage social, mobile and data technology — technologies on which many local startups are focused.”
Current momentum for SilkRoad is high with about 130 new customers coming on board over the last quarter – 45 percent of which adopted multiple SilkRoad products – and no short supply of opportunity within the human capital management (HCM) realm.
“There's a $24 billion HCM market for SMBs that's largely untapped, and this round will help SilkRoad continue to capitalize on it; it improves our ability to invest in product innovation to meet growing customer demand,” Shackleton said. “The building blocks are in place, and smart execution is key to driving sustainable growth for the next decade.”