Vndly secured $8.5M in Series B-1 funding round

Vndly, a cloud-powered workforce management system provider, has recently secured $8.5 million in the Series B-1 funding round.

The latest round, which brings total funding to $57.5 million, was backed by the Madrona Venture Group.

Vndly is founded by Shashank Saxena in the year 2017. It offers companies with a Software-as-a-Service (SaaS) Work Management System to manage the entire non-employee engagement lifecycle from talent acquisition to training to payment and off-boarding.

The platform is composed of four modules: statement of work management, total talent acquisition, contingent workforce management, and independent contractor compliance.

Executive Opinion

Shashank Saxena, VNDLY's CEO, said, "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”.

Steve Singh, the Managing Partner at Madrona Venture Group, said, "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”.

Vndly's Latest Funding

Post funding, Steve Singh, the Managing Partner at Madrona Venture Group will join as the Vndly Board of Directors, notes the announcement.

The company, as of now, has plans to use the funds to continue global expansion and product development that includes building out new software modules.
The client base of the company includes many Fortune 500 companies.