Press release from The PE Hub Network on October 4, 2017
Fuel50 has raised a $2.5 million Series A round led by Rincon Venture Partners and Bonfire Ventures. Fuel50 provides career pathing software for companies.
Los Angeles, CA, October 4, 2017 — Fuel50, an award-winning career pathing software solution for leading companies worldwide, raised $2.5 million in Series A funding, bringing its total funding to date to $4.6 million. With this cash injection, the company will continue to better enable leaders to engage and motivate their teams, and empower employees to have a visible career path within their organization. Leading this round, to supplement the company’s rapidly accelerating organic growth, are prominent southern California firms, Rincon Venture Partners and Bonfire Ventures.
With candidate inventory low and talent turnover costs on the rise, career pathing is more critical than ever; in fact, Deloitte named career pathing a key area of focus for organizations now. More than 80 percent of companies want better talent mobility in their organization while 70 percent of employees leave due to a lack of career development and visibility for growth opportunities. Fuel50’s technology addresses these critical gaps with solutions that directly impact engagement, performance and retention — enabling employees to drive their own growth and performance within an organization.
“The way talent traditionally climbs the career ladder and develops skills is broken, leaving talent frustrated and companies lacking the levels of engagement and performance required to move at the pace of business today,” said Anne Fulton, CEO and Co-Founder, Fuel50. “In our short history, our customers have already realized real engagement wins while top talent has developed in meaningful ways. We’ll use our funding to service our growing corps of clients and to expand our reach even further around the world.”
The funding round also introduces Jim Andelman, co-founder and Managing Director of Rincon Venture Partners and Bonfire, to the board. “Career pathing is one of the next frontiers of HR technology, and Fuel50 is at the forefront of this shift, equipping companies with the tools and technology to give their talent a meaningful career trajectory,” commented Andelman.
Launched in 2014 by co-founders Anne Fulton and Jo Mills, Fuel50 is currently in use by 75 Fortune 500 companies, deployed across 33 countries and in 28 languages, and serving hundreds of thousands of employees.
Interested in learning more about Fuel50? Get in touch