An Orlando-based technology firm will scale its workforce after raising millions of dollars in investment.
Intecrowd LLC raised $4 million in a seed round announced Sept. 23. Florida Funders LLC, a Tampa-based venture capital firm and angel investor network, invested $300,000 as part of the round.
“We feel they’re a prime acquisition target,” Florida Funders Chief Investment Officer Ryan Whittemore told Orlando Inno. “This round gives them a lot of opportunity to grow the business and take significant market share while elevating their profile.”
The 7-year-old professional services firm works with businesses to implement, manage and integrate solutions from Workday Inc., a popular software vendor for cloud-based finance and human resource applications.
Next, the company of 190 global employees will “expand the team with seasoned consultants,” said CEO Don McDougal. Intecrowd lists 33 full-time open positions on its website, with most of the openings remote roles.
New hires by the company likely will create high-wage jobs. It’s unclear how much Intecrowd jobs pay, but the average base salary for a Workday consultant is $80,000, according to salary data site PayScale. That’s more than metro Orlando’s average annual wage of $48,530, according to the U.S. Bureau of Labor Statistics.
Florida Funders, named the most active venture capital fund in Florida by CB Insights, was impressed by McDougal, who previously oversaw the implementation of Workday at security systems giant Tyco International plc. Meanwhile, Intecrowd is in "prime position to triple its growth," Whittemore said.
Local startups have been active in landing investment deals so far this year. There were seven startup investment deals valued at $84.3 million in metro Orlando in the second quarter, according to data from PitchBook and the National Venture Capital Association. Investment activity last quarter jumped 69% from $49.9 million in deals in the first quarter and increased 103% from $41.6 million in second-quarter 2020.
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