RiseSmart Raises $3 Million in Equity
Date: Thursday , December 30, 2010
RiseSmart, a San Jose based outplacement and recruitment process outsourcing (RPO) company has completed a $3 million equity financing round. The company plans to use this fund to continue its expansion into new markets and further the development of its technology platform for bi-directional matching of jobs and job candidates. “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, founder and CEO, RiseSmart.
“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,” added Sathe. Formerly, in 2007, the firm had raised $ 11.85 million from Norwest Venture Partners (NVP), Storm Ventures and angel investors. “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.
Founded in 2006, the company currently deals in three solutions, Transition Concierge, an outplacement service to help exiting employees find new positions, Recruit Concierge, a recruitment process outsourcing (RPO) solution for finding new talent and SmartRedeploy which is a Software-as-a-Service solution.