High Street Partners (HSP) has closed a USD6.3m Series C round of financing led by institutional venture capital investor Baird Venture Partners. The funding round also included existing investor Sigma Partners and Gold Hill Capital.
HSP will use the proceeds to build-out its Shared Service Centers and accelerate the delivery of several key features of its software-as-a-service offering, HSP OverseasConnect.
Benedict Rocchio (pictured), partner at Baird Venture Partners, has been elected to the HSP board of directors. He will join existing board members Paul Flanagan, managing director of Sigma Partners, Gerard Phelan, vice president at RR Donnelly, and Larry Harding, founder & president of HSP.
Rocchio says: “HSP has proven its ability to build and manage a high-growth business, and we have a fantastic partnership with the High Street Partners team. They have done an excellent job supporting their clients’ international needs, and their mission – simplifying the management and control of international operations – has really resonated with finance and HR executives in the middle market. This round of growth capital will allow HSP to expand its solution offering and position itself as the preferred partner to help companies grow their businesses globally.”
This latest growth equity funding will focus on two areas: HSP OverseasConnect and completing the development and staffing of its regionally focused Shared Services Centers.
“Strong customer demand has created an urgency to accelerate the delivery of several key features of HSP OverseasConnect, particularly in the areas of HR and compliance,” says Harding. “And, to support our rapid growth, we will also be hastening the build-out of our Shared Service Centers to support client operations in Europe, the Middle East and Africa, Asia, and throughout the Americas. These centres allow us to enhance the overall client experience by extending our headquarters-focused, single point of accountability support model with regional expertise.”
“Having been an executive officer myself in two fast-growing public companies, and an investor in numerous technology and other high-growth firms, I have lived the challenges of international expansion,” says Flanagan. “With HSP OverseasConnect, Larry and his team have developed a highly differentiated, cloud-based service that overcomes many of these issues. At Sigma, we are focused on investing in new technologies with the opportunity to revolutionise an industry, and we believe HSP can be a very significant company.”
“HSP is focused on delivering value to its clients, shareholders and employees, and this funding will ensure that we continue to exceed these objectives,” says Harding. “It will allow us to extend our capabilities in areas that are critical to both our growth and delivering a positive experience for our clients. We look forward to working with our partners at Baird, Sigma and Gold Hill to capitalize on these opportunities.”