Fieldglass Raises $11 Million in New Financing Round
Funding Round Led by New Investor Grotech Capital Group
Chicago—January 18, 2005—Fieldglass, Inc., announced today an $11 million round of funding, led by new investor Grotech Capital Group, a diversified private equity firm. Existing investors BlueStream Ventures, StarVest Partners, and HLM Venture Partners also participated in the oversubscribed round.
“Fieldglass has established itself as the premier software solution provider in the field of services procurement, which is a corporate function that is only growing more important and complex in today’s business environment,” said Patrick Kerins, general partner with Grotech Capital Group and a new member of the Fieldglass board of directors. “Fieldglass has demonstrated the ability to predictably deliver significant savings and operational value to its clients.”
Fieldglass is the leading provider of services procurement software solutions. Its application, InSite®, is a Web-based, hosted solution platform that enables companies to more effectively manage the complexities of global services procurement. Fieldglass’ customers include some of the world’s largest firms in industries such as financial services, telecom, pharmaceuticals, engineering, technology, healthcare, and manufacturing.
“The additional capital will be used to support a significant expansion of our sales and marketing initiatives, and help maintain our product leadership position,” said Jai Shekhawat, Fieldglass CEO and Co-founder.
About Fieldglass
Headquartered in Chicago, Fieldglass, Inc. (http://www.fieldglass.com) is a leading provider of vendor-neutral services procurement solutions for industry leading Global 2000 companies. InSite, its Web-based enterprise application, creates a secure, private marketplace between customers and selected suppliers for sourcing, delivering, and managing third-party services, including contract labor, consulting, and fixed-price projects. Able to interact with legacy systems, ERP systems, and e-commerce platforms, InSite enables organizations to extend the benefits of e-procurement beyond products into services, reducing costs while improving cycle times, and ensuring compliance.
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