Forj, a growing Milwaukee virtual events platform and online membership community for associations and professional organizations, has raised $4.5 million led by Baird Capital, according to the company.
Gary Comer Inc. (GCI), a Waukesha-based private equity firm established by the late founder of Dodgeville-based merchant Lands' End Inc., also participated in the fundraising round, according to Forj's Monday announcement. With this latest round, Forj has raised $6 million to date, according to the company.
Forj plans to use the money for innovation and growth, including hiring software developers to continue building out its product using artificial intelligence and data science to personalize the experience for users, Forj CEO Kurt Heikkinen said. It also plans to increase its marketing and sales capacity.
"Even though we’re coming out of the pandemic and in-person events are happening again, there’s a need to connect these communities in a more compelling way," Heikkinen said, adding that professional organizations are often "very dependent" on in-person events such as annual conferences.
Heikkinen formerly was CEO of Montage Talent Inc., a Delafield-based recruiting and hiring automation company that merged with a Cleveland firm in 2019 to form what is now Modern Hire. Baird Capital and GCI were both investors in Montage.
After stepping back from Modern Hire in 2020, Heikkinen got involved with a virtual events platform founded during the pandemic by Debbie McGrath, the CEO of Canada-based HR.com, he said. With $1.5 million in seed capital from GCI, Heikkinen incorporated the business in the U.S., took ownership of the intellectual property and began growing the company.
With the help of chief marketing officer Kristen Wright, the newly formed company rebranded as Forj. McGrath retains some equity in the business but the company is not affiliated with HR.com, Heikkinen said.
Forj currently has 25 employees, more than half of them located in the Milwaukee area and the rest spread across five countries. Forj plans to hire at least 30 more employees in the next two years, many based locally. The company will seek a headquarters location in Milwaukee's 3rd or 5th Ward later this year, Heikkinen said.
“We believe there is a tremendous opportunity for Forj to deliver innovative, digital solutions to help organizations expand the reach and engagement of their member communities," Jim Pavlik, a partner with Baird Capital and a newly appointed Forj board member, said in a statement.
Bill Schleicher, GCI's president and chief operating officer, is also a member of Forj’s board of directors.
"As an early investor in Forj, we have been impressed with their success in such a short period of time," Schleicher said in a statement.
Forj has served more than 150 clients, including the Federation for the Humanities and Social Sciences, and Edelweiss+ by Above the Treeline, a book industry platform. More than 500,000 people have attended events hosted on Forj's platform, according to the company.
