Novo Recruiting Raises Additional Venture Capital
Posted on Fri, Feb 11, 2005
(Milwaukee, WI) - Novo Recruiting, the recruiting services firm headquartered in Milwaukee, announced today that it has raised $750,000 in venture capital to fund its aggressive expansion plans.
"We are off to a strong start in both Milwaukee and our new Chicago office," said Mike Harris, co-founder and CEO of Novo. "Our plan was to raise capital to fund the start up operation of our Milwaukee office so we could prove the sales and operating model and then start a national expansion plan. I am very pleased to announce that several individuals again decided to back us in our endeavor," added Harris. "We are working on starting up an office in Dallas, Texas and this capital will help us expand the right way. We are already one of the fastest growing recruiting firms in the US and we plan to keep it that way," said Harris.
Harris is no stranger to start-up companies. Novo Recruiting is his fourth professional services start-up in the Milwaukee marketplace since 1995. His most well known 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.
Like they did approximately one year ago for $500,000, Harris and his co-founder Cindy Lu turned to individual investors (angels) to capitalize the company. "We proved that an office could grow quickly and be profitable and felt that between our existing investors and new angel investors, we would generate enough excitement for them to invest with us," said Lu. Harris adds, "We will likely do another large round of angel capital or traditional venture capital in less than a year so we can keep opening offices around the US."
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, special recruiting projects, 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 firm maintains offices in Milwaukee and Chicago. Novo's corporate headquarters is located at 330 East Kilbourn Avenue in Milwaukee and can be reached at (414) 319-1080.