Legion Technologies Secures $50M from Silicon Valley Bank to Fuel Continued Innovation in AI-Powered Workforce Management
The additional capital rounds out a $100 million raise in 2024, more than doubling Legion's total funding
Legion Technologies, an innovator in workforce management (WFM), today announced it has received $50 million in financing from Silicon Valley Bank (SVB), a division of First Citizens Bank. The raise, which brings Legion's total funding to $195 million, follows a $50 million growth round led by Riverwood Capital earlier this year.
"From the beginning, Legion has been on a mission to improve hourly jobs and the capital we've received from investors this year demonstrates the enduring value of that mission," said Sanish Mondkar, founder and CEO of Legion Technologies. "Our tremendous growth stems from the accelerating need for effective workforce management solutions, and this latest financing from SVB further proves that Legion's intelligently automated, employee-centric platform is the best choice for today's hourly employees."
The financing comes on the heels of a groundbreaking fiscal year for Legion, which included achieving strong revenue growth, establishing a customer footprint in new regions, and significantly enhancing the Legion platform. Just this summer, the company launched 70 new product features, including:
- Employee Productivity-Based Scheduling, which enables managers to automatically schedule their most productive employees at peak times.
- Time and Attendance Workbench, a generative AI feature that simplifies time and pay processing for payroll administrators by improving overall ease of use.
- Enhanced Shift Offers make it quick and easy for hourly employees to find open shift offers that match their preferences and availability. Shift offers can be immediately sent to all eligible staff.
- Enhanced Schedule Score, which allows organizations to define schedule goals that align with their key business objectives, such as maintaining compliance, staying within budget, and addressing employees' availability and skills.
- Increased Extensibility, enables customers to create contextual metrics tailored to specific business needs, offering a more personalized and insightful user experience.
"There is increased demand for AI-native workforce management solutions that can improve both labor operations and the employee experience," said Marisa Phan, Managing Director at Silicon Valley Bank. "Legion has successfully been working to transform the hourly work experience to meet the needs of the modern employee. With this latest financing, we are proud to support Legion as it enables intelligent automation to shape a new future of work."
Legion also furthered the development of its innovative Generative AI assistants – conversational agents that help users analyze schedules and timesheets, create and moderate newsfeed content within the Legion app, and customize their app experience to suit their needs. When over half of managers feel they don't have enough time to focus on the parts of their job that they enjoy, these AI assistants can reduce the time spent on administrative tasks and communications, so they can focus on more fulfilling, success-driving tasks.
Repeatedly recognized by the Inc. 5000 and the Deloitte Fast 500 rankings as one of the fastest-growing companies in America, Legion has grown at an average of 374% over the past three years and is tracking toward yet another year of accelerated growth and industry-leading innovation.
For more information about how Legion Technologies is innovating hourly workforce management, visit https://legion.co.
About Legion Technologies
Legion Technologies delivers the industry's most innovative workforce management platform, enabling businesses to maximize labor efficiency and employee engagement simultaneously. The award-winning, AI-native Legion WFM platform is intelligent, automated, and employee-centric. It's proven to deliver 13x ROI through schedule optimization, reduced attrition, increased productivity, and increased operational efficiency. Legion delivers cutting-edge technology in an easy-to-use platform and mobile app that employees love. Backed by Riverwood Capital, Norwest Venture Partners, Stripes, First Round Capital, XYZ Ventures, Webb Investment Network, Workday Ventures, and NTT DOCOMO Ventures, Legion is recognized as one of the fastest-growing private companies in America according to the Inc. 5000 rankings for three consecutive years. For more information, visit https://legion.co and follow us on LinkedIn.
About Silicon Valley Bank
Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of some of the world's most innovative companies and investors. SVB provides commercial banking to companies in the technology, life science and healthcare, private equity and venture capital industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB's parent company, First Citizens BancShares, Inc. (NASDAQ:FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.com
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