Denmark-based workforce management platform Planday has secured $14m in a series B round led by corporate-backed private equity firm Idinvest Partners.
The round also featured venture capital firm Creandum and SEB Private Equity, an investment vehicle of financial services firm SEB, as well as angel investor Arthur Kosten.
Founded in 2004, Planday operates a platform that enables employees working different shifts to communicate and collaborate with each other. They can also trade shifts through the system, which keeps track of who is working during which hours.
The fresh funding will support Planday’s ambition to expand further across the US, strengthen its market position in Europe and integrate its software with other offerings such as those provided by payroll services.
Planday previously received $3.75m from Creandum in a 2014 series A round. Klaus Nyengaard, an angel investor who has served as CEO of food delivery platform JustEat and spa booking service Treatwell, provided an undisclosed amount of funding in 2015.
Idinvest’s corporate backers include media conglomerate Lagardère Group, human resources firm Up Group and insurance provider Allianz.
Guillaume Durao, investment director at Idinvest Partners, said: “Right now the workforce management space consists of tools that are either too simple with only a few features, or overly complex systems that are difficult to roll out.
“After a thorough analysis of the global market, we have found Planday to be a uniquely feature-rich software-as-a-service solution that is specifically built to address the complex needs of a mid-sized business and easy to use for both employees and managers.”