Tiger Global and Frontline Ventures back the workplace social network
14th of May, Team 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.
“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.”Workvivo CEO and cofounder John Goulding
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.