Online payroll services provider PayCycle Inc. said that it has secured an $8.5 million round of funding from a consortium of venture capital firms and company chief executive Jim Heeger.

The recent cash infusion was led by DCM-Doll Capital Management, a VC firm specializing in technology companies, as well as previous PayCycle investors August Capital, Conning Capital Partners, Total Technology Ventures and Irwin Ventures. 

PayCycle said that the proceeds would be earmarked toward acquisition efforts.

Since its founding in 1999, PayCycle has raised $29.3 million in venture funding.

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