With $8.5M in new funding, UrbanBound plans to grow Chicago office

by Andreas Rekdal
April 20, 2016

This Chicago relocation startup is definitely moving up.

, a Chicago-based provider of employee relocation software, announced today it has raised an $8.5 million Series B round.

UrbanBound’s software helps relocating employees manage their allocated relocation budgets, find housing and movers, get their utilities set up and get the inside scoop on their new cities. In so doing, they aim to help companies better attract out-of-town talent.

“The $60 billion global relocation market, which has remained largely manual and offline, is overdue for a comprehensive tech-enabled solution,” said Scott Wald, a partner at Romar Partners, in a statement. “Corporations are projecting a 50 percent growth in employee relocation assignments by the year 2020, and UrbanBound is positioned to remain the leader in filling the significant technology void in the industry.”

With a current employee count in the low 40s, UrbanBould plans to use the funding to grow its Chicago-based team by about a quarter. New hires will predominantly be in sales and engineering, as the company is looking to expand its platform's capabilities and ramp up sales efforts.

"We decided it was time to fuse some more cash into our business to help accelerate growth," said CEO and co-founder Michael Krasman.

Founded in 2011, UrbanBound raised $1 million in its first year and another $5 million in 2013, bringing the company’s total funding to date just shy of $15 million. The most recent round comes on the tail end of the company’s acceptance into Moderne Ventures’ real estate tech accelerator this January

Krasman said the Moderne accelerator program was a perfect fit for the company, both because its specialties touch on every aspect of UrbanBound's business and because of its emphasis on more established companies.

"They look for businesses that are already in growth mode, so they're a little different than your typical kind of early stage accelerator," said Krasman.

A nearly 20 year veteran in Chicago tech, Krasman said he finds that the ecosystem is continuing to grow stronger year over year.

"We're just excited to be a part of it," he said.

UrbanBound's round was led by Romar Partners and joined by Moderne Ventures, along with existing investors Grotech Ventures and Starvest Partners.

Image via UrbanBound.

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