Successful businesses such as Workday and Taleo (now owned by Oracle) have already shown that HR-focused software provided via the cloud can be extraordinarily valuable, so SilkRoad is in a ripe market. Research firm IDC forecasts the worldwide human capital management (HCM) market at $11 billion for 2016. In 2011, the HCM market was $7.5 billion.
Chicago-based SilkRoad focuses on software that helps small- and medium-sized companies find, develop, and retain the best employees. The company now has 1,800 customers across North America, Europe, and Asia-Pacific.
“SilkRoad is at the forefront of a growing global opportunity to serve the evolving HR needs of the mid-market,” SilkRoad CEO and President John Shackleton said in a statement. “We’ve forged a distinctive path as an HCM provider by offering industry-leading innovation to under-served markets, and we’re poised for continued growth.”
The new $16 million in funding for SilkRoad was led by Foundation Capital, with participation by Intel Capital, Azure Capital Partners, Keating Capital, and Crosslink Ventures. This brings SilkRoad’s total funds raised to $145 million.
Check out the video below for more on SilkRoad.