Truvelop, a human resources technology company, has raised $700,000 to close out its seed funding round and help fuel its growth plans for 2022.
The Baltimore-based startup has now raised a little more than $2 million since being founded in 2019, CEO Lisa First-Willis said. The new funding comes from a combination of new and existing investors. Truvelop received $200,000 from Maryland Technology Development Corp. (TEDCO) last year.
Colorado-based Evergreen Mountain Equity Partners led the seed funding round. The firm's founding partners, Greg Moran and Ira Grossman, have joined Truvelop's board of directors.
Truvelop will use the latest infusion of capital to expand its sales team and make improvements to its software platform, which helps companies evaluate and manage employees. First-Willis co-founded Truvelop with local sportscaster Gerry Sandusky to help managers bring HR strategies from the world of pro sports into their businesses.
The company was originally founded as Trigger Transformation LLC but underwent a brand refresh last year.
Truvelop more than doubled its customer base in 2021 as it experienced a surge in demand with companies looking for ways to retain talent amid the "Great Resignation," First-Willis said. The company has a 90% customer retention rate, she added.
"There's definitely a demand and a need for our technology," First-Willis said. "Where we're seeing a lot of traction is companies are rethinking the employee experience and how they adapt and really help their companies get ready for what lies ahead."
She expects Truvelop to continue its upward trajectory in 2022 as companies continue to operate in a tight labor market and with their teams working remotely.
"We are in a perfect position to do so," First-Willis said. "We have built the right product at the right time."
By bringing Moran and Grossman in as new board members, First-Willis said Truvelop gains access to two investors who have years of experience starting and growing human resources technology companies. Moran previously founded Outmatch, a company that uses digital tools to help businesses in the hiring process for hourly employees. Grossman was on the founding team of PeopleAnswers, which helped companies with pre-employment screenings and assessments.
"They are very well respected in the industry," First-Willis said. "Having that type of validation from experienced HR tech investors puts us into an even more amazing position in 2022."
