Company Secures $6.75 Million in Series A1 Financing, Led by Accel
NEW YORK, Sept. 19 /CNW/ -- OnForce, the world's largest marketplace for
IT service professionals, today announced the completion of a $6.75 million
Series A1 financing round, led by Accel Partners, the venture capital firm
behind Facebook. OnForce will use this investment to build upon its highly
successful IT services marketplace in the U.S., and to expand into new
geographic markets and service categories.
OnForce currently has more than 10,000 service professionals and has
completed over 500,000 service events in its IT services marketplace. The
OnForce marketplace enables on-site service in a wide variety of technology
categories, including computers, printers, networking, VoIP and consumer
"OnForce has experienced phenomenal growth and market adoption for our IT
services marketplace, particularly in the last year. We've become an industry
standard as the best way to find IT service professionals, and we're now ready
to take our industry-leading position and apply it to new markets," said
OnForce CEO Peter Cannone. "Accel has a keen understanding of market trends
and international expansion, and will be invaluable to our efforts to expand
the OnForce marketplace into new geographic markets and service sectors."
Harry Nelis, Accel General Partner, said, "OnForce has developed a proven
and highly robust marketplace for contract IT professionals within the U.S.,
and we believe there is a great deal of potential in bringing this model to
other markets. As a global VC, helping companies expand internationally is one
of Accel's strengths. We look forward to working with OnForce's seasoned
management team to further accelerate growth."
Nelis will join the OnForce Board of Directors and Accel Partner's, Judy
Gibbons, formerly Corporate Vice President in Microsoft's MSN Division, will
serve as an advisor. Current OnForce Board of Directors include: Marty
Abbott, former SVP of Technology/CTO at eBay; Alan Weber, former Chairman and
CEO of US Trust Corp; David Orfao, Managing Director, General Catalyst
Partners; Isaac Kato, Venture Principal, General Catalyst Partners; and Peter
Cannone, Chairman and CEO of OnForce.
In the coming months, OnForce will announce which countries and service
categories it has chosen for expansion.
OnForce is the world's largest marketplace for contract IT service
professionals. The company enables VARs, solution providers and IT staffing
companies to find highly qualified IT professionals in virtually every zip
code in the U.S. These IT service firms turn to OnForce to expand their
geographic and skill set coverage without adding overhead or upfront expense.
OnForce enables increased buyer control and reduced management costs, while
improving service levels and offering faster response times than traditional
methods of finding contract technicians.
Since its inception, the OnForce marketplace has been used to
successfully complete more than 500,000 work orders. The OnForce community is
made up of 5,000+ IT service buyers and 10,000+ IT service technicians who
work in a number of technology categories, including computers, printers,
networking and consumer electronics. For more information, visit
About Accel Partners:
Founded in 1983, Accel Partners is one of the world's leading venture
capital firms. The firm is dedicated to partnering with outstanding
entrepreneurs to build world-class Internet, software and networking
companies. Accel Partners has more than $4bn under management from its offices
in Palo Alto, London, and China, and its portfolio companies have completed
IPOs that have created well over $150 billion in market capitalization.
Representative current and former investments include Brightcove, Comscore,
Double Fusion, Facebook, Glam, Macromedia, RealNetworks, and The Cloud. For
more information, please visit www.Accel.com.
For further information:
For further information: Media, Amber La Croix of Airfoil Public
Relations, +1-248-304-1431, firstname.lastname@example.org, for OnForce; or for more
information or to arrange a briefing with an Accel Partner, Emma Ap-Thomas,
0207 025 6533, email@example.com Web Site: