February 18, 2022
As recently reported, Alongside, the Moncton-based human resources (HR) software start-up has secured $8M in a Series A financing. The $8M in financing consists of $3.2M in equity and $4.8 in debt financing from TD Bank. Alongside has already invested some of the funds from its financing in its acquisition of CareerBeacon in December 2021. The company plans to use the remainder of the funds to integrate the company’s HR tools with CareerBeacon’s job site, innovate new products, grow its team and continue its expansion across Canada. Alongside’s Series A funding was led by 500 Global, New Brunswick Innovation Foundation and Sparkland Capital (among others).
As part of the funding round, 500 Global’s Managing Partner Tim Chae will be joining Alongside’s board of directors. Chae stated that he sees “a growing opportunity for technology-enabled services to improve the job-seeking and recruiting process” and that he believes Alongside is well positioned to establish itself as a leader in the space.
Alongside was founded in 2014 by Chief Executive Officer Yves Boudreau and Chief Technology Officer Benoit Bourque, as a tool meant to improve the hiring process. The start-up offers an applicant-tracking system tailored to small-to-medium sized businesses (100 to 500 employees).
Author: Matthew Erdman