Seattle VC firm Madrona invests $8.5 million in vendor management startup VNDLY
American Venture capital firm Madrona Venture Group has invested $8.5 million in cloud-based workforce management systems startup VNDLY, bringing the company's external funding total to $57.5 million, with the previous Series B investments totaling $35 million in 2019.
Since launching operations in 2017, VNDLY is recognized by industry experts as a top-ranking technology provider in the vendor management systems category (VMS).
The company, which already has many Fortune 500 clients, will use the most recent investment to continue its industry-changing innovation, global expansion, and product development that includes building out new software modules.
Shashank Saxena, CEO, VNDLY: "We're honored that Madrona sees VNDLY in the same light as the other technology greats they stand behind. We know this will be a major driver for us as we move to the next level in our industry, continuing our mission to successfully challenge the status quo offered by legacy VMS firms."
The startup has also announced that Madrona's Steve Singh will join its board.
Singh, the former CEO and co-founder of Concur, joined Madrona earlier this year as a managing director after participating for many years as a strategic advisor and angel investor. Concur was acquired by SAP in 2014 for $8.3 billion.
He remained with the company through 2017 and was responsible for the majority of their cloud businesses, including Ariba, Fieldglass and Concur. Singh currently serves as the Chairman of Talend and on the boards of DocuSign and WaFd Bank.
Steve Singh, Board Member, VNDLY: "As the contract workforce grows, VNDLY's cloud-native vendor management solution gives employers and contractors an AI-based platform that adapts to the changing needs of both groups. I am looking forward to working with Shashank and the VNDLY team to build the market-leading workforce management company."
Madrona Venture Group is a Seattle-based venture firm has backed many industry-defining technology companies like Amazon, Smartsheet, and Snowflake..