When talking about raising capital investors seem to speak from two different sides. Some say always take the money, others say don’t take the money if you don’t need it. That was the situation Charleston SC software company PeopleMatter’s CEO Nate DaPore was faced with when the opportunity came to raise their 5th round, or Series E, of venture capital.

DaPore told the Charleston Post & Courier “We weren’t looking for capital at the time, and we didn’t need to raise capital,” but disclosed that the terms were too enticing to turn down. Now, his company that is the industry standard for recruitment tools in the service industry, has the opportunity to continue improving their product and expanding their presence on Upper King Street in Charleston.

This latest $16 million dollar round was led by New York based StarVest Partners. Harbert Venture Partners, Intersouth Partners, Morgenthaler Ventures, Noro-Mosley Partners, Scale Venture Partners and C&B Capital, all previous investors in PeopleMatter, also participated.

StarVest founder and General Partner, Deborah Farrington, who Forbes called “Queen Midas” joined the PeopleMatter board of directors.

“PeopleMatter is a disruptive technology company with an enormous opportunity in the service industry, a market that has been traditionally overlooked by the legacy HCM players,” stated Farrington. “PeopleMatter has rapidly altered the landscape of service industry employers with elegant, easy-to-use products, so employers are no longer tethered to paper, spreadsheets, inadequate point solutions or cobbled together suites of products. They are the only SaaS company to design a platform from one source code that manages all aspects of the employee life cycle for service industry employees both large and small.”

The market continues to grow for services like PeopleMatter. More and more industries are turning to turn-key or platform based solutions for recruitment. The service industry, which encompasses fast food, hospitality businesses and convenience stores, on an individual basis are often looked at as small businesses however many franchisers and of course large corporations have multiple locations and thousands of employees to recruit and manage.

Labor is the second largest cost for most retail, restaurant and hospitality businesses. Millennials expect to use technology in every aspect of their lives – including their jobs. Mobile capabilities aren’t an option – they are an expectation. Moving paper-based hiring, training and scheduling online and making it mobile meets this need while setting employers apart from their competitors.

“We started the company with a vision that we continue to embrace: PeopleMatter is a workforce management platform specifically designed end-to-end for the hourly workforce. We have some amazing products in the pipeline, and this funding is going to allow us to accelerate these releases, as well as expand internationally,” shared Nate DaPore, PeopleMatter President and CEO. “Our SaaS financial metrics are exemplary and consistent with the fastest growing software companies. This investment by StarVest enables us to accelerate the adoption of our innovative, elegant and transformative products in the market for employers who are looking to drive business execution across their business.”

You can find out more about PeopleMatter here.