Field Nation, Leading On-Demand Workforce Marketplace Platform, Secures $30 Million Investment Led by Susquehanna Growth Equity
September 10, 2015
Field Nation, the leading marketplace platform for contingent and on-demand workforce management, announced today it closed a $30 million investment led by Susquehanna Growth Equity (SGE).
Field Nation has been recognized by Inc. Magazine as one of the fastest growing private companies in the nation. In 2015, Staffing Industry Analysts included Field Nation as one of the world’s 25 largest human cloud platforms and as one of the top 10 B2B human cloud platforms. During the past year, Field Nation has connected more than 1,000 organizations with its network of over 65,000 registered contractors.
At its core, Field Nation combines the largest on-premises freelance management marketplace with uniquely comprehensive work management software to get on-site work done. The marketplace allows service companies and distributed enterprises to directly procure, manage, pay, report and optimize contingent labor. The broader platform extends the marketplace through Field Nation Complete™, a SaaS solution that delivers a complete work management solution when organizations require the combined experience of their internal and external workforce. It also allows contractors to market their skill sets, find new projects, engage with each other, complete work and get paid quickly.
“We have experienced tremendous growth and success as a small company, and now we’re prepared to start the next chapter of the Field Nation story,” said founder and CEO Mynul Khan. “With the financial support and experience from Susquehanna Growth Equity, we will rapidly accelerate our efforts to introduce Field Nation to organizations of all sizes so they can tap the full breadth of our marketplace and get more work done.”
With access to the new funding, the company plans to meaningfully increase product development and marketing efforts in existing markets; promote its SaaS-based total workforce management solution, Field Nation Complete™; and expand its service offerings into new vertical markets. Field Nation also expects to increase its team by more than 100%, with new hires supporting marketing, sales, product development and technology.
Prior to securing this investment capital, Field Nation has been a self-funded business, growing profitably at more than 65% annually since its launch in 2008. This growth-capital investment validates the business model, strategy and disruptive technology of the Field Nation platform. Bucking current funding trends, the company first built a profitable business before seeking external investment.
“We are thrilled to be working with Mynul and the whole Field Nation team,” said Ben Weinberg, of Susquehanna Growth Equity. “We are deeply impressed by the company they’ve built and believe there is an enormous opportunity for growth as they continue to address the many needs of buyers and providers of contingent work.”
The deal was assisted by Lake Street Capital Markets who served as financial advisor and Dorsey & Whitney LLP who provided legal assistance.
About Field Nation
Field Nation (www.fieldnation.com) is the most complete Freelancer Management System (FMS) and SaaS-based project-management solution available. The company is headquartered in Minneapolis, has more than 100 employees, and was listed on the 2013 and 2014 Inc. 500 list of fastest growing companies. In 2014, the company recorded $62 million in marketplace transactions. With more than 65,000 service providers in its network, Field Nation serves as a catalyst for business growth and ensures successful collaborations around the world.
About Susquehanna Growth Equity
Susquehanna Growth Equity, LLC (SGE) invests in growth stage technology companies in the software, information services, internet and financial technology sectors. The firm is backed by a unique and patient capital base that allows management teams the freedom and flexibility to maximize growth. Notable prior investments in marketplace and HR technology companies include CreditKarma (financial management platform with 40 million members), iCIMS (leading provider of SaaS-based HR recruiting software), BStock Solutions (overstock inventory liquidation marketplace), Globaltranz (marketplace for transportation services) and Fundera (SMB lending marketplace). To learn more, please visit us at www.sgep.com.