14 May 2020 | 08.55 am
Workvivo Raises €15m To Finance Expansion
Cork firm’s platform is a ‘Facebook for Work’
14 May 2020 | 08.55 am
Cork software company Workvivo has raised $16m (€15m) in Series A funding that will finance expansion and product development of its employee engagement software.
Workvivo says it provides companies with an internal communications platform to engage and connect with employees, in the process addressing several challenges being faced today as more companies turn to remote working.
The platform, it says, also acts as a central point for a new digital employee experience, and integrates with the most common platforms in the emerging digital communications and collaboration area. Workvivo says the effect is to increase collaboration, a sense of community, and ‘belonging’ to the organisation, and employee engagement.
Last year the company successfully participated in a seed round, and the the latest round brings its total funding to around $17.5m
Chief executive John Goulding said: “The move to remote working has been significantly accelerated by recent events. It’s now more important than ever that employees are able to communicate effectively and remain engaged with each other and with the business.
“Workvivo’s communication platform helps organisations connect and engage with their employees regardless of location, bringing the culture alive and aligning everybody with what the organisation is trying to achieve.
“We have experienced tremendous success to date and this funding will allow us to expand our reach significantly to help organisations across the globe, while also allowing us to continue to invest strongly in ongoing product development.”
Using a dashboard, Workvivo members can connect with co-workers, access company news and promotional feeds, hear about employee achievements and other activities. “It is essentially a Facebook for work,” added Goulding. “Employees log in to the platform and are able to see what is happening in the company. The employees can post and share pictures or videos, tag other co-workers in goals and give shout-outs for a job well done.”
The two founders point out that Gallup research shows that 70% of employees globally are disengaged at work and this costs the global economy $450 billion annually. They believe they have the solution, and expect to have well over a million users on the platform, which uses web, desktop and mobile apps, by 2021.