Peakon secures $6.5 million to further develop its SaaS platform for employee engagement

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Peakon-team

Peakon, the London and Copenhagen based people analytics startup, today announced the completion of its latest funding round of $6.5 million. Lead investor in this round was EQT Ventures, along with Peakon’s existing investors, IDInvest, Sunstone and angel investor, Tommy Ahlers.

Peakon creates tangible improvements to employee engagement and retention through insights delivered via its SaaS platform. These insights are generated through the automated collection of employee feedback via web and mobile apps, which is then analysed using the latest machine learning techniques, to understand what motivates employees, what problems they have, and how those problems can be fixed. Since launching in early 2016, Peakon has been rapidly adopted by hundreds of enterprise clients such as World First, Trinity Mirror, Secret Escapes, and Lombard Risk.

Peakon was founded in late 2014 and already operates across three locations in the UK, Denmark, and the US, and is expected to treble headcount to over 100 in the next 12 months. This rapid growth has been fuelled by its emergence as a leading provider of employee engagement and people analytics software – which Deloitte estimates is already a $1bn market.

Phil Chambers, co-founder and CEO of Peakon said: “We have been overwhelmed by the positive response to our platform, and have found ourselves in the fortunate position of being in a booming market with a leading product. Due to revenue growth, we were already in a solid financial position, and decided to capitalise on this by accelerating our growth plans, particularly in building out our machine learning, data-science, and engineering teams. The EQT Ventures team brings some fantastic operational experience in international scaling, marketing and product and it’s great to have them on board. With a customer base that is growing across Europe and also in the U.S., they’re a great match for us.”

Lars Jörnow, Managing Partner at EQT Ventures stated: “AI is tipped as one of the key tech sectors for investors this year, and the team have had an impressive start, demonstrating strong revenue growth and product adoption. We are thrilled to be able to support them for the next stages of the company’s development. Workplace culture and being able to track, analyse and act on employee engagement is becoming increasingly vital for all of the top performing companies in the world.”