Novo Recruiting Raises Venture Capital
Posted on Mon, Feb 02, 2004
(Milwaukee, WI) - Novo Recruiting, the recruiting services firm headquartered in Milwaukee, WI, announced today that it has raised $500,000 in venture capital to fund the first leg of its aggressive expansion plans.
"We are off to a very strong start," said Mike Harris, co-founder and CEO of Novo. "Our plan was to raise capital to fund the operation of our Milwaukee office so we can prove the sales and operating model and then start a national expansion plan. I am very pleased to announce that several individuals decided to back us in our endeavor," added Harris.
Harris is no stranger to start-up companies. Novo is his fourth professional services start-up in the Milwaukee marketplace since 1995. His most famous company is Jefferson Wells, which was sold to Manpower in 2001. He also started and sold Capital H and co-founded SilverTrain, where he continues to serve as Chairman. Harris now adds Novo to his list of professional services firms to launch operations in Milwaukee.
Harris and his co-founder Cindy Lu turned to individual investors (angels) to capitalize the company. "We did not need a lot of money to prove the Novo concept and felt angel investors was a prudent way to go," said Lu. "With Mike's excellent record of success, it was not a difficult task to obtain our funding," added Lu. Harris adds, "We will likely do another round of angel capital in about a year. Now with adequate capital to support us, we need to focus on making our business a real success for our clients and candidates."
Novo Recruiting provides a range of recruiting solutions that help companies select and hire the best talent. The firm provides executive and management searches, interim recruiting support, complete or partial recruiting outsourcing and consulting and training to improve recruiting results. For all of its service offerings, Novo offers affordable rates with flexible and fair terms of engagement. The Milwaukee office is located at 789 North Water Street, suite 430, and can be reached at (414) 727 - 8755.