Today Irish startup Workvivo, an employee communications platform founded three years ago, has announced raising €14.7 million in Series A funding. The round was led by Tiger Global, who have invested in companies such as LinkedIn, Airbnb, Stripe, Uber and Square, with participation from Frontline Ventures and continued support from Enterprise Ireland. This is the second round closed by the startup, following on from their seed funding late last year, bringing the total raised to around €16.1 million.
Workvivo, founded in 2017, 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 by companies, especially as more teams turn to remote working. Disengaged employees cost the worldwide economy approximately €416 billion annually, according to Gallup. Keeping employees connected and engaged is more of a priority than ever for progressive companies.
In essence, Workvivo is a communication platform, but it also brings a new digital employee experience by integrating with the most common platforms in the emerging communications and collaboration stack. 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. 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 uses an enterprise social network platform to consolidate this communications stack and in doing so, increases collaboration, a sense of community and overall employee engagement. The startup already has a host of global companies using Workvivo to engage and unify their employees, including NETGEAR, TELUS International and Cubic Telecom.
The new funding will allow the company to expand, offer its services to many more companies globally and 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.