Utmost Raises $21 Million Series B to Accelerate Growth and Expand its Extended Workforce System
Utmost raises Series B to continue evolving vendor management systems and address the full continuum of workers
Utmost, the first extended workforce system, announced it has raised $21 million in Series B funding. Through its native integration to Workday and a talent-centric approach to the extended workforce, the Utmost Extended Workforce System delivers comprehensive visibility into all categories of workers beyond what traditional legacy vendor management systems (VMS) can offer.
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Mosaic Ventures led this latest financing with participation by existing investors, Greylock Partners and Workday Ventures, and by new investors, Acadian Ventures and Alumni Ventures Group.
With the new funds in place, Utmost will accelerate product innovation and expand its presence across North America and Europe. The new investment brings Utmost’s total funding to $33 million.
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“In the last decade, one of the most fundamental shifts in the structure of work has been the rise of the ‘extended workforce’: freelancers, contractors, professional services, and traditional temp workers sourced via staffing agencies,” said Toby Coppel, co-founder and partner at Mosaic Ventures. “This rising diversity calls for a new way of managing the organization holistically. We believe that Utmost will be a category-defining provider of software to manage the extended workforce.”
“CEO, CHRO, and CFO leaders are facing unprecedented challenges as they design new workforce strategies to compete in today’s uncertain business environment. COVID-19 has massively accelerated a trend toward more flexible and distributed work,” said Sarah Guo, general partner at Greylock. “Utmost’s recent growth shows that many customers are feeling the pain of that transition and seeing a big gap between what their legacy vendor management systems can provide and the agile extended workforce management solution they need. Utmost is pioneering an essential new software category to fill those gaps, and we believe every major enterprise will benefit from an extended workforce system in the future.”
The typical enterprise is increasingly reliant on the extended workforce to accomplish its goals. From marketing agencies to IT staff augmentation to contractors and more, the average enterprise workforce is nearly an even split between employees and non-employees. More companies are adopting Utmost to increase their visibility of the entire workforce and simplify the hiring manager experience.
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“Integrating with Workday is essential to creating a cohesive experience for our managers and workers,” said Jason Grosz, vice president of human resources, global talent contingent workforce solutions at Ecolab. “We can now get full visibility and control over workers in more geographies with Utmost, in a way that seamlessly connects with Workday.”
Utmost is rapidly increasing customer adoption among Fortune 1000 customers such as Ecolab, NortonLifeLock, and Colonial Life. Since its founding in 2018, the Utmost team has grown to over 50 employees and almost 20 extended workers.
Annrai O’Toole, CEO at Utmost, added, “We feel we are on the right side of history in terms of our focus on the extended workforce. We are starting to replace 20-year-old vendor management systems with a cloud-native, worker-friendly, enterprise-ready extended workforce system to enable our customers to manage their total workforce. This funding is an important milestone on our journey to make even more customers successful.”
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