YOUMANAGE, the company that offers a comprehensive online service providing people managers with the tools, data and guidance they need to manage effectively, has completed a second round of funding and experts say it illustrates why small to medium-sized businesses should look at private funding options and not just banks and lenders during the current financial situation.
This latest round of funding is being provided by the same private equity team that backed the company's initial external funding in December 2007, alongside the existing Youmanage management team.
Some of the funding will support the recent launch of the company's new Small Business Edition and be used to extend the reach of its comprehensive range of people management solutions, which can now support the HR needs of businesses of all shapes and sizes, with anything from 10 to 1,000 employees.
One of the investors is former Lynx Express CEO David Burtenshaw who says, in the current strained financial climate, looking at the private funding option could prove beneficial to many small to medium-sized businesses.
David said: "We want to support management in taking business to the next phase of its growth.
"Private investors get closer to the business, understand the issues and opportunities and are therefore in a position to react very quickly in supporting management when opportunities occur.
"Private investors also bring experience and skills to complement management.
"As banking finance becomes more difficult to obtain, private finance is becoming very attractive, decisions can be made quickly and management should see their investors as partners bringing not just cash but also very often experience and skills that they may be short of.
"We feel this is an important message, particularly at this time, as global markets are suffering and the credit crunch is taking hold of many people's incomes."
The injection of capital will enable Youmanage to further expand into new markets, with the logistics sector being an early priority.
The toolkit has been designed for all kinds of businesses from SME's to major organisations but is particularly suited to multi-site operations and offers a solution which will be particularly useful in helping HR professionals to help keep track of employees and address situations as they arise.
Formed in 2004, Youmanage has to date been self-funding.
Its Managing Director Phil Brown is delighted with the investment and is confident that it will now enable the company to take the business to the next level.
He said: "We have a great product and a strong customer base and this latest investment is testimony to that fact and demonstrates their level of confidence in our offering."
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