Funding from Kaiser Permanente Ventures, GE Ventures, NEA and ServiceNow Ventures Will Accelerate Innovation, Transform Workplace Experience and Drive Expansion
PARAMUS, NJ, July 18, 2019 – Nuvolo, the world’s fastest growing Workplace Management Company, built on ServiceNow, today announced that it has raised $12MM in Series B capital led by Kaiser Permanente Ventures with follow-on investments from GE Ventures, NEA and ServiceNow Ventures.
“Nuvolo is committed to growing its leadership position in the healthcare market,” said Tom Stanford, CEO of Nuvolo. “We are privileged to have KP Ventures lead our Series B financing. As the venture capital arm for Kaiser Permanente, one of America’s leading healthcare systems, they offer tremendous value and insight into this vertical market.”
By delivering a modern and simple to use Workplace Management application on the NOW Platform, Nuvolo is transforming the way organizations manage their enterprise assets, space, and facilities, resulting in a 420% growth in customers and nearly 310% growth in subscription software revenue from 2017 to 2018.
“We’ve been tremendously impressed by the value Nuvolo is creating for its customers,” said Sam Brasch, senior managing director, Kaiser Permanente Ventures. “The Nuvolo EAM platform creates significant operating and administrative efficiencies for its customers, which in the healthcare space allows for increased investment and focus on care delivery.”
One of Nuvolo’s flagship customers is GE Healthcare. Their investment arm is GE Ventures, who led the Series A funding and completed a follow-on investment in the Series B. “Nuvolo’s innovation culture, experienced leadership team and commitment to healthcare all aligned to our investment strategy,” added Alex de Winter, GE Ventures’ Managing Director. “Their growth, success and market expansion since our initial investment is proof positive of enormous opportunity for the business. We are excited to be partnering with Nuvolo to help them grow their business.”
The Company’s initial growth was fueled by establishing itself as the clear market leader in Workplace Management for healthcare. A diversified and growing customer base now includes customers in technology, financial services, federal and state government, oil and gas, higher education, e-commerce and retail.
Mohamad Makhzoumi, General Partner and Head of Healthcare Services and Healthcare IT investing at NEA, said, “Nuvolo is redefining modern Workplace Management (IWMS) as they quickly emerge as the leader in this fast-growing cloud category. Blue collar service management is a multi-billion marketplace and Nuvolo is extraordinarily well positioned to emerge as a clear winner in the category. We’re thrilled with their success and our continued partnership with the company.”
Innovation at light speed is a key enabler for market disruption. The epicenter of Nuvolo’s innovation strategy is the NOW platform. Being built natively on ServiceNow is a competitive differentiator for Nuvolo as core ITSM customers using ServiceNow look for opportunities to grow the use of the platform beyond IT and into the lines of business. “Nuvolo was recently named ServiceNow’s 2018 Global Application Development Partner of the Year,” added Dominic Phillips, Head of ServiceNow Ventures. “Nuvolo is powered by the NOW platform and is used by ServiceNow internally as our global space and move management application. Our follow-on investment in Nuvolo, as our largest and fastest growing ISV globally, represents our strongest possible commitment to enabling our ISV community and growing a successful technology partner ecosystem.”
Nuvolo (www.nuvolo.com) is the leader in modern, cloud-based facilities and Integrated Workplace Management Systems. We are transforming full lifecycle service management for asset and facilities-intensive industries, including healthcare, life sciences, financial services, retail, oil & gas and manufacturing. Nuvolo is the largest and fastest-growing independent software vendor globally, built on ServiceNow. The company is headquartered in Paramus, NJ with a global workforce located throughout the US, Europe and Asia.