Novo Recruiting Raises Additional Angel Capital
Posted on Thu, Jul 21, 2005
July 21, 2005 (Milwaukee, WI) - Novo Recruiting, the recruiting services firm headquartered in Milwaukee, announced today that it has raised $1,050,000 in venture capital to fund its aggressive expansion plans.
"With strong offices now operating in Milwaukee and Chicago and exciting prospects in our new Denver office, Novo is poised to continue its growth," said Mike Harris, co-founder and CEO of Novo. "Our plan was to raise capital to fund the start up operation of our first three offices so we could prove the sales and operating model and then continue 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 to identify our next three cities to open in 2006 and this capital helps us expand in the right way. We are already one of the fastest growing recruiting firms in the United States and we want 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 adds Novo Recruiting to his list of professional services firms who have launched their national operations in Milwaukee.
Like they did two previous times during the last eighteen months, Harris and his co-founder Cindy Lu turned to individual investors ("angels") to capitalize the company. "We have proved that new offices 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. Combining its raised equity and profits from operations, the company projects it will likely not need additional capital for the foreseeable future.
Novo Recruiting provides a range of recruiting solutions that help companies find 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, Chicago and Denver and serves clients nationwide. Novo's corporate headquarters is located at 330 East Kilbourn Avenue in Milwaukee and can be reached at (414) 319-1080. More details on the firm are available at www.novorecruiting.com.