PeopleMover to Get Venture Capital Funds

Hermosa Beach-based PeopleMover Inc., a developer of software that enables companies to coordinate and update job needs in various industries, is expected to announce today that it will receive $5 million in funding from three venture capital firms. The three firms are Torrance-based Dynafund Ventures; San Diego-based Windward Ventures; and Avalon Investments of Ann Arbor, Mich. Each firm will have one new representative on PeopleMover’s seven-member board of directors. “This really allows us to bust out. We’re the best-kept secret in the industry,” said James Jonassen, founder and chairman of PeopleMover, which was started in June 1997 with five employees and now has 50. Jonassen said the money will go to expand the firm’s marketing, sales staff and product development. An initial public offering is planned within the next three years, he said.