Tiger Global and Frontline Ventures back the workplace social network
NETGEAR, Cubic Telecom, TELUS International and A+E Networks EMEA are amongst those companies using Workvivo to help communicate, connect and better engage with employees. Employee disengagement is a problem that costs the economy worldwide $450 billion annually.
May 14th, Cork, Ireland – Workvivo, an employee communications platform founded three years ago, has today announced that it has raised $16 million in Series A funding.
Tiger Global, who have invested in companies such as LinkedIn, Airbnb, Stripe, Uber and Square led the round, with participation from Frontline Ventures and continued support from Enterprise Ireland. The Series A round follows on from a seed round late last year, bringing total funding to just over $17.5 million.
Workvivo is a software technology company founded in Cork, Ireland that provides companies with an internal communications platform designed to engage and connect with employees. The technology directly addresses many of the challenges being faced today as more companies turn to remote working, and also enables the company to address the $54 billion digital workplace market opportunity.
Workvivo is a communication platform but also acts as a central point for a new digital employee experience integrating with the most common platforms in the emerging communications and collaboration stack. Workvivo uses an enterprise social network platform to consolidate this communications stack increasing collaboration, a sense of community and belonging to the organization and employee engagement. NETGEAR, TELUS International and Cubic Telecom are among the host of global companies using Workvivo to engage and unify their employees.
Gallup estimates 70% of employees globally are disengaged at work and this costs the worldwide economy $450 billion annually. With this, and the prevalence of remote working generally, keeping employees connected and engaged is more of a priority than ever for progressive companies.
The funding will allow the company to expand, offering Workvivo to many more companies globally and will accelerate its product development plans. Workvivo expects to break the 1 million user count on its platform by 2021.
The Cork-based company, founded by John Goulding and Joe Lennon, bootstrapped its way from its beginnings just three years ago. Workvivo CEO and cofounder John Goulding said that the new funds will be used to grow further internationally:
“The move to remote working has been significantly accelerated by recent events. It’s now more important than ever that employees are able to effectively communicate and remain engaged with each other and with the business. Workvivo’s communication platform helps organizations connect and engage with their employees regardless of location, bringing the culture alive and aligning everybody with what the organization is trying to achieve. We have experienced tremendous success to date and this funding will allow us to expand our reach significantly to help organizations across the globe, while also allowing us to continue to invest strongly in ongoing product development.”
Through web, desktop and a mobile app, Workvivo allows employees to read and post content to an activity feed, like, share and comment in the same way they do outside of the working environment, but they can also recognize others through shout-outs, link posts to company goals and values, create community spaces and publish company articles and events.
Workvivo is a digital communication platform that increases employee engagement and serves as the central point for all internal communications in the workplace. We are an enterprise social network that consolidates the communications stack through a highly social experience, increasing collaboration, sense of community and belonging to the organization. The result is more effective employee communication, a highly engaged workforce and an efficient communications technology landscape. Check us out at www.workvivo.com.
About Tiger Global
Tiger Global Management, LLC is an investment firm that deploys capital globally. The firm’s fundamentally oriented investments focus primarily on the global Internet, software, financial technology, consumer and industrial sectors. The private equity strategy has a ten-year investment horizon and targets growth-oriented private companies. Such investments have included JD.com, Flipkart, Spotify, Harry’s, Warby Parker, Peloton, Facebook, LinkedIn, Yandex, Mail.ru Group, Despegar and Ola. The public equity efforts emphasize deep due diligence on individual companies and long-term secular themes. Tiger Global Management, LLC was founded in 2001 and is based in New York with affiliate offices in Hong Kong, Singapore, Bangalore and Melbourne.
About Frontline Ventures
Frontline is the venture firm for globally ambitious B2B businesses on both sides of the Atlantic.
Frontline Seed strengthens and speeds up ideas at inception across Europe. FrontlineX is a go-to-market first, capital-second fund, for fast and frictionless US-to-Europe expansion. Frontline has backed 60+ B2B entrepreneurs across Europe and the US, and has had numerous successful exits. Most recently: Pointy – acquired by Google (GOOGL) and Logentries acquired by Rapid7 (RPD). Today, Frontline has $200 million funds under management, with offices in London, Dublin and San Francisco. The firm is managed by partners Shay Garvey, Will Prendergast, William McQuillan, and Stephen McIntyre. For more information, go to www.frontline.vc