Chicago-based UrbanBound announced that it raised a total of USD 5 million in its Series A round. The venture funding was led by Grotech Ventures, an early-stage investor. StarVest Partners, a venture capital firm based in New York City, also contributed to the round.

UrbanBound is an online platform that gives comprehensive relocation solutions to firms for their transferring and newly-hired employees. They have more than one hundred companies using their technology-based approach which allows firms to give affordable corporate relocation assistance to their employees. Increased offer-to-acceptance ratios and employee retention are some of the additional advantages felt by companies that use UrbanBound's platform.

Co-founder of UrbanBound Jeff Ellman said they are offering a service that challenges the status quo. "We believe in challenging the status quo in the $60 billion global relocation market by thinking differently about how businesses relocate and onboard employees. By providing an affordable tool that empowers employees to make a smooth transition to a new location with minimal impact on their work and home life, we give our customers a powerful new benefit to offer to existing employees and new hires," he said.