TribeHR has landed $2.5 million in a fresh funding round that will help the company build out its online human resources management platform.
The company, which is based at the Communitech Hub in Waterloo Region and has a satellite office in Boston, announced the new round today. The investors are Relay Ventures, based in Toronto and Silicon Valley, and Matrix Partners, a firm with operations in the Valley, New York, Boston and Asia.
Matrix previously invested $1 million in TribeHR, which was founded in 2009 and launched in March of 2011.
“We’re incredibly excited about the round,” TribeHR CEO Joseph Fung told Communitech by phone from Boston. “First and foremost, it shows continued confidence in the changes that are happening in the HR technology space, but what’s really exciting about this round is that it’s letting us build out the social and mobile features that we’re working on in our application.”
Fung said customers are increasingly using smartphones and tablets to access TribeHR’s system, “so we’ll be offering more native experiences for those users over the coming months.”
The new funding will also allow the company to continue with “a significant hiring plan” to add to its employee roster, which sits just shy of 20.
Fung credited Communitech with enabling TribeHR to keep its development operations in Waterloo Region.
“Communitech is creating a mixing pot and ecosystem of entrepreneurs, developers and intelligent, high-calibre people,” Fung said. “We’ve learned a lot from the people who are in the Hub, and being in close proximity with other like-minded, high-energy companies and individuals really helps us.”
