RiseSmart, a provider of next-generation outplacement and recruitment process outsourcing (RPO) solutions, today announced that it has completed $3 million in equity financing led by Norwest Venture Partners, Storm Ventures and angel investors.
RiseSmart said it will use the money to continue its aggressive expansion into new markets and further the development of its technology platform for bi-directional matching of jobs and job candidates.
Since 2007, the talent management startup has raised a total of $11.85 million from Norwest Venture Partners, Storm Ventures and other angel investors.
“RiseSmart provides talent management solutions at the two most critical talent transition points: joining and leaving an organization. We leverage a common technology platform to ensure next-generation efficiency and superior results for our clients’ recruitment and outplacement programs,” said Sanjay Sathe, RiseSmart founder and CEO. “Through our methodology, we have consistently reduced time-to-hire for our recruitment clients and time-to-placement for our outplacement clients. This is ultimately the key to our continued growth and success. We are grateful for the support of NVP and Storm Ventures as we work aggressively to expand our market position.”
“RiseSmart has developed recruitment and outplacement solutions that are truly unique in the talent management space – utilizing its proprietary technology which leverages Web 2.0 and social networking features and capabilities to provide a richer and more compelling solution to its growing roster of Fortune 500 enterprise clients,” said Venkat Mohan, general partner at NVP.
According to VatorNews, RiseSmart isn’t doing the same thing it did when it launched in 2007. Instead, the startup has risen to meet new business demands, including the need for outplacement services after massive layoffs swept the nation.
VaterNews writes, “The company began as a business-to-consumer (B2C) jobs and career management site, akin to TheLadders.com. When the most recent recession struck, however, the startup evolved into a business-to-business (B2B) provider of job matching software–the same software that had earlier served as the core technology of the RiseSmart website. Many companies struggled with employee outplacement in the wake of widespread layoffs, so RiseSmart followed the demand.”