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Venture firms line up to back $16m SilkRoad growth capital round

23 Aug 2013

team2_170-copyA string of venture capital firms have backed a $16m growth financing round for cloud-based human capital management business SilkRoad alongside pre-IPO investor Keating Capital.

The latter provided a $1m convertible note investment in the business, with the remaining capital pledged by firms including Foundation Capital, Intel Capital, Azure Capital Partners and Crosslink Ventures.

Keating previously invested $3.5m in SilkRoad’s Series C convertible preferred stock in March 2012, with an additional $1.5m Series C investment two months later.

Human capital management is becoming an increasingly popular investment area for venture capital firms as improving communications and data technology gives companies the opportunity to maximise the potential of their staff.

In June venture capital firms Ignition Partners and Atlas Venture invested $8m in corporate health and wellness startup Keas.

Atlas Venture partner Jeff Fagnan said, “Keas is accelerating the adoption of human capital management applications that are consumerized, gamified, and mobile.”

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