Growth capital investment firm North Bridge has provided the first institutional backing for Boston-based staff recruitment software business Erecruit by investing $25m.
Erecruit said it planned to use the capital to build its team and invest in product innovation as it looks to disrupt the market by changing the way staffing companies operate.
North Bridge general partner Jim Moran said, “Erecruit is leading the way with a differentiated enterprise-ready, cloud-based, enterprise staffing software and VMS.
“We’re excited to partner with erecruit and believe they are very well positioned with disruptive technology and exceptional customer satisfaction to capitalize on an expanding market opportunity and become the market leader in the staffing industry.”
North Bridge is currently investing out of its $580m second fund, which it closed in October last year.
Last month private equity secondaries pioneer Adams Street Partners led a $25.5m direct investment in workforce analytics company Visier through a Series C round.
About $24m of the capital came from investors including Adams Street and existing backers Foundation Capital and Summit Partners, with $1.5m invested by friends and family.
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