Legion Secures $50M Growth Investment Led by Riverwood Capital To Accelerate Market Growth and Drive Global Hourly Workforce Innovation

By: Legion Technologies via Business Wire

May 07, 2024 at 09:00 AM EDT

New funding will power Legion’s continued innovations in workforce management and accelerate global expansion

Legion Technologies, an innovator in workforce management (WFM), today announced a $50 million growth round led by Riverwood Capital with strategic participation from existing investors, including Norwest, Stripes, Webb Investment Network, and XYZ. The raise, which brings Legion’s total funding to $145 million, will boost its go-to-market and research and development (R&D) initiatives to deliver an enhanced WFM experience to a growing global customer base.

The global workforce management market is expected to reach $15.7 billion by 2031, indicating an increasing focus on workforce efficiency and engagement. As organizations aim to streamline operations and create a better experience for their hourly employees, Legion continues to modernize the industry, propelling it forward with its commitment to delivering intelligent, automated, and employee-centric products. As a result, it’s become the WFM platform of choice for household names like Rite Aid and Alo Yoga, among other leading brands and fast-growing chains.

“Legion was founded to turn hourly jobs into good jobs by simultaneously streamlining labor operations and improving the employee experience. This new capital not only reinforces the importance of our purpose but it validates our ability to bring that purpose to life,” said Sanish Mondkar, founder and CEO of Legion. “The intelligently automated, employee-centric nature of Legion’s solution has pushed us to the forefront of the industry, and, with the addition of this funding, we can further invest in creating a better experience for hourly employees on a global scale.”

“Legion’s modern and highly accurate automated workforce management solution enables large enterprises to streamline core processes and gain operating leverage while providing a superior experience to frontline workers,” said Francisco Alvarez-Demalde, Co-Founder and Managing Partner, Riverwood Capital. “Their pioneering approach powered by advanced labor forecasts has taken off at a time when all businesses are seeking to become more efficient and simultaneously improve the employee experience. We are excited to partner with Sanish and the exceptional Legion team, who are driving the next generation of workforce management forward.”

Legion will use the funds to fuel continued innovations in workforce management, including deep investments in R&D and expansion of solutions like Legion’s InstantPay product. With an increased focus on the intelligent automation of WFM, Legion will augment its industry-leading product with new features and updates to optimize labor operations, generate more accurate staffing schedules, reduce time spent by managers on administration, and ease compliance with labor laws around the world. Informed by market trends and ongoing feedback, these efforts will ensure the WFM platform significantly contributes to the employee experience, enabling greater flexibility while boosting productivity.

This investment will also empower Legion to seamlessly support its growing international customer base while providing greater proliferation across the markets it already serves. Accelerating an already tremendous growth track, the capital will augment Legion’s go-to-market initiatives, including the launch of its European GTM team, and bolster its U.S. operations with a deeper investment in sectors such as manufacturing and healthcare to accommodate the rising demand for its solution.

The raise comes as Legion continues significant year-over-year growth studded with industry accolades, including award wins and high-profile partnerships. Legion’s industry-leading WFM solution recently amassed recognition from the Global Excellence Award for Most Innovative Workforce Management Platform, the Business Intelligence Group’s Excellence in AI Awards, multiple Brandon Hall Technology Awards, and a Webby Award nomination in the AI, Metaverse & Virtual - Work & Productivity category. In the last year, the company also announced a formal partnership with SAP that enables seamless integration between SAP SuccessFactors and the Legion platform and debuted more than 140 new features – most notably, the rollout of its new generative AI tool, Legion Copilot, which is designed to boost employee productivity and learning.

Piper Sandler served as financial advisor for Legion, and Jefferies served as financial advisor to Riverwood on this transaction. For more information about how Legion Technologies continues to innovate 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 and the Deloitte 500 rankings for two consecutive years. For more information, visit https://legion.co and follow us on LinkedIn.

About Riverwood Capital

Riverwood Capital invests in high-growth companies in the technology and technology-enabled industries. Riverwood offers a unique combination of operational, strategic, technology, and financial insight to portfolio companies that typically need growth capital and expertise to scale on a global basis. The firm seeks to invest in established businesses with a proven technology and business model, and the proper fit in terms of culture and values. Riverwood was founded in 2008 and has had the opportunity to invest in and support over 80 companies since inception. The Firm has offices in Menlo Park, CA; Miami, FL; New York, NY; and São Paulo, Brazil. Please visit www.riverwoodcapital.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240507903815/en/

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Legion Secures $50M Growth Investment Led by Riverwood Capital To Accelerate Market Growth and Drive Global Hourly Workforce Innovation

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