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Private equity firm invests $30 million in freelance management system

September 10, 2015

Field Nation, a freelance management system provider, closed a $30 million investment led by Susquehanna Growth Equity.

The investment closed earlier this week; terms were not disclosed.

Field Nation will use the new funding to increase product development and marketing efforts in existing markets; promote its SaaS-based total workforce management solution, Field Nation Complete; and expand its service offerings into new vertical markets. Field Nation also expects to increase its team by more than 100%, with new hires supporting marketing, sales, product development and technology.

“We have experienced tremendous growth and success as a small company, and now we’re prepared to start the next chapter of the Field Nation story,” said founder and CEO Mynul Khan. “With the financial support and experience from Susquehanna Growth Equity, we will rapidly accelerate our efforts to introduce Field Nation to organizations of all sizes so they can tap the full breadth of our marketplace and get more work done.”

The Field Nation executive team remains in place. Earlier this year, the company added two executive vice presidents — Jeff Parris and Elizabeth Benz — following its acquisition in May of FieldSolutions, a Minnetonka, Minn.-based freelance management system provider.

Susquehanna Growth Equity, an affiliate of Susquehanna International Group, invests in growth stage technology companies in the software, information services, Internet and financial technology sectors.

Field Nation was self-funded prior to this investment and grew profitably at more than 65% annually since its launch in 2008, according to the firm.

Staffing Industry Analysts included Field Nation on its list of the world’s largest human cloud platforms. The company is categorized as a freelancer management system, a sub-segment of online staffing platforms, and is the second-largest such provider on the list.