Draper Triangle Ventures Lead $2.3 Million for OnShift

Based in Cleveland, Ohio, OnShift has announced on December 7, 2010, that it has just secured $2.3 million in venture capital from a group of investors which was led by Draper Triangle Ventures. Other investors who took part in this funding round include all the company’s existing investors who are Early Stage Partners, Jump Start Inc., North Coast Angel Fund LLC, and Glengary LLC.

OnShift is quickly becoming one of the leaders in organizing the scheduling of staff and management as well as organizing the shifts of staff in the healthcare industry. OnShift works by providing its clientele with a web-based service which allows managers to organize the shifts and other rosters of their staff with minimizing labor costs. The service provided allows managers to manage all their staff’s shifts, prevent overlapping shifts, eliminating or minimizing overtime and emergency management. The main issue with OnShift which makes it attractive to customers is the easy-to-use web-based SaaS software that managers can learn easily and make the necessary shift changes easily and efficiently. OnShift was also nominated as the best emerging business at the Northeast Ohio Software Association in Cleveland in 2010.

As part of the terms of Draper Triangle Ventures leading this funding round is that Michael Stubler of Draper Triangle Ventures is to join OnShift’s board of directors. Mr. Stubler commented that he is very impressed with the business model that OnShift has adopted and believes that his firm is investing in a strong team and exceptional leadership.

The main reason why investors anticipate a high ROI with OnShift is because currently many long-term healthcare companies and heathcare organizations see that OnShift provides a user-friendly platform where they can schedule the shifts of their staff and reducing labor costs. The fact that OnShift can automatically manage shifts allows healthcare companies to cut down on HR costs to schedule staff shifts.

Proceeds from this funding round will go to further accelerate the performance of OnShift and increase the company’s marketing efforts in the healthcare industry.

Draper Triangle Ventures is a venture capital subsidiary of one of the world’s largest investment firms, Draper Juvertson Fisher, and is based in the Midwest. Draper Triangle Ventures is clearly dedicated to having a regional presence in the Midwest region and the partners at the firms clearly believe that a regional presence is key to growing successful business. Draper Triangle Ventures is dedicated to the most critical stage of any company. It’s primary focus on investment is in companies in seed and early stages. The most likely candidates for investments from Draper Triangle Ventures are companies who need the seed capital and are in the pre-product or pre-customer stage. Some other companies in Draper Triangle Ventures portfolio include Active Media Corporation, Aethon, Body Media, Carnegie Learning, CardioInsight Technologies, Plan4Demand, and others.