The company announced today it raised $14.3 million in new funding to boost its sales and double its Chicago workforce. To support this staff increase, Eved will be moving to a new, larger office space in Q1 (location to be announced once lease details are finalized).
The funding round, comprised exclusively of Chicago-based investors, was led by Huizenga Capital Management, and joined by MK Capital, Pritzker Group Venture Capital, and Merrick Ventures. According to Talia Mashiach, Eved founder and CEO, finding the right investors was an important part of the process.
“Obviously, we want to maximize shareholder value, but it’s also important to build the kind of company that our clients and employees are proud to work with,” Mashiach said in the statement. “These Midwest investors understand the importance of cultivating such a company and they share the same entrepreneurial passion that sparked the creation of Eved.”
In addition to boosting its sales staff and support staff, Eved plans to use the funding to reinvest in its platform, which streamlines procurement of goods and vendor services for events, leaving planners with more time to focus on the even experience itself. To date, its marketplace contains listings for over 4,500 suppliers, with over $300 million in transactions since its founding in 2010.
Two new board of directors will also join: David Bradley of round leader Huizenga Capital Management, and former Fieldglass CTO Sean Chou.
Eved has already started the hiring process for some of its new positions.
For more about the funding, check out this Built In Chicago blog post by CEO Talia Mashiach.
Photo via Eved.
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