"Corporate relocation" isn't a sexy word, but it's helping UrbanBound raise $5 million.
UrbanBound's web-based platform gives employees an easy way to manage their entire relocation process, connecting them with vendors who specialize in the services they need -- i.e., moving truck rentals or realtor services.
The first round of funding, led by Grotech Ventures and joined by StarVest Partners, is a major vote of confidence in UrbanBound's approach, which the company says brings much-needed innovation to the $30 billion corporate relocation market.
It's a big deal for companies, too: UrbanBound argues that the smoother companies make their relocation process, the more they can boost their offer-to-acceptance ratios.
That approach, UrbanBound says, has gotten it significant attention from over 100 customers, most of which are members of the Fortune 1000.
Headquartered in Chicago, UrbanBound has raised $6 million in since its launch in 2010. The company says it plans to use the funding to hire more developers and sales people, as well as expand internationally.