The investment is part of a “long-term, collaborative partnership” that will allow Netchemia to tap Mainsail’s operational expertise and further bolster its market position.
The majority of the investment will be used to accelerate Netchemia’s growth and enhance and expand the company’s product offering, it said. More than 1,100 school districts and institutions in 42 states use Netchemia’s TalentEd cloud-based software-as-a-service platform.
“Carlos and his team recognised the opportunity to leverage technology to improve the process of managing talent for school administrators,” said Stephen Wolfe, a Mainsail Partners principal. “We have a great deal of respect for entrepreneurs like Carlos who have proven they can grow their businesses rapidly and do so profitably. We look forward to working with the team to build the leading K-12 talent management platform.”
Mainsail is a San Francisco growth-equity firm focused on backing bootstrapped companies that have not previously taken outside capital. It has raised over $350m in capital to date and raised $216m for its latest fund in June 2012.
Copyright © 2013 AltAssets