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Austin-based HotSchedules, the provider of a popular scheduling tool for hourly workers, specifically restaurants, has dropped the name Red Book Connect and raised $20 million in financing.
The company product suite also includes Jobsabi, a new referral network for restaurant recruiting, Macromatix, an inventory and back office management solution, Schoox, a mobile eLearning platform, and Manager’s Red Book and Logbook, tools for task and shift management. The company was incorporated in 2013 after a merger between five companies.
“We spent quite a lot of energy and resources standing up the Red Book Connect name and after a year, we determined that our flagship product, HotSchedules, is still significantly more well-known and respected," Mary Kay Hyde, Vice President, Marketing said in a blog post. "Furthermore, the HotSchedules name and reputation truly represent what we do for the industry: improve the lives of managers and hourly staff by enabling flexibility and work-life balance, and deliver cost saving insights at the owner and corporate level.”
Bridge Capital Holdings' Technology Banking team provided the combination of credit facilities and working capital advances totaling $20 million.
"We're thrilled to partner with the team at HotSchedules as they continue to expand their product portfolio and service a growing customer base," said Mike Lederman, senior vice president and region director for Bridge Bank, in a statement. "They've continued to consistently reach key milestones as they scale, and we're excited that Bridge Bank can help them in their next phase of growth," added Lederman. Bridge Bank provided $20 million in financing to HotSchedules, including a venture debt facility and a working capital line of credit.
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