Demand has tripled in 6 months; funding will accelerate growth across Canadian offices and expand offering into Latin America
TORONTO, May 22, 2018 /CNW/ - Today, Terminal, a startup that provides high-growth technology companies with a complete solution to build and scale remote world-class technical teams, announced a Series A funding round of $13M CAD. The round included leading venture capitalist firms Lightspeed Venture Partners, Thiel Capital, Kleiner Perkins, Atomic, Craft Ventures (David Sacks' new venture firm) as well as prominent angel investor Yahoo! founder Jerry Yang.
Terminal identifies the best markets for technical talent around the globe and establishes world-class operations that attract top jobs from growing technology companies. Each Terminal office recruits elite talent, develops and manages beautiful work spaces, and provides comprehensive operational and legal support such as human resources, benefits, payroll, and stock option administration. Terminal will leverage the funding to scale operations across their five offices throughout Canada and the United States and to expand their footprint into Latin America.
Demand for Terminal in Kitchener-Waterloo has led to three office moves to support the growth of the team. Earlier this month, Terminal moved into a new 17,000 square foot space and expanded their engineering roster to 80. This brings Terminal's total team to approximately 150 across Canada.
"Scaling efficiently is a pain point for just about any startup, and when we hear consistently that Terminal has solved that major problem for technical teams, we act quickly to invest," said Nakul Mandan, partner at Lightspeed Venture Partners. "The team on the ground in Canada has done a tremendous job of integrating Terminal into the thriving technology industry there, and we're excited to join them as they continue to grow."
Terminal also announced the appointment of Clay Kellogg as Chief Executive Officer. Kellogg is an Operating Partner at Atomic, joining from Hired, the world's leading online technical recruiting marketplace. As Hired's Chief Revenue Officer, Kellogg built and managed a team of 120 people across sales, sales operations, and talent. Clay has helped multiple early stage companies exceed $100M in revenue, including Chartboost, a Sequoia-backed company; and AdMob, which was acquired by Google for $750M.
"Engineering talent is the most precious resource for tech companies. Physical proximity is no longer vital, and the world is waking up to the tremendous technical talent in Canada. In our short history we've had two companies acquired for the talented teams we've help build, with last week's news of Dialpad acquiring TalkIQ as the latest example," said Clay Kellogg, CEO of Terminal. "Terminal ensures that engineers are not only working for leading companies, but that they are treated as full-time staff, receiving all the perks an in-house team member would — including equity when applicable. This funding helps broaden the offering to the world's top talent, in their own backyards."
Studies find that 53 percent of Canadian organizations cite attracting talent as one of their top human capital challenges. Terminal, which launched in October of 2017, provides a solution by allowing technology companies to seamlessly tap into pools of technical talent, all while keeping the engineers in their home cities and helping to reverse Canada's "brain drain".
In Kitchener-Waterloo, Terminal works closely with the co-operative programs of Waterloo University, giving the university's engineering talent a direct link to leading, global technology companies. Terminal also helps these companies retain their Canadian talent and creates even greater wealth in the Canadian economy by offering engineers an equity stake. This provides Canadian talent access to the same opportunities as their US peers, and enables the companies and talent to avoid factors such as the cost of living in US technology hubs like San Francisco which is 62.6 percent above the US average.
To learn more about Terminal, visit terminal.io.
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Terminal builds and scales elite remote engineering teams to accelerate the growth of technology companies around the world. By partnering technology companies with engineering talent, Terminal helps engineers find projects they're passionate about at companies they normally wouldn't be able to work at without relocating, while at the same time helping match companies with the skill sets that are imperative to their growth. Terminal employees have access to everything they need in order to thrive in their roles and develop professionally including technology, supportive and stimulating office environments, and networking opportunities.
For further information: Terminal, Jamie Gillingham, Account Manager, Eighty-Eight, [email protected], 1 416 944 2722