Cork software company Workvivo has followed up its $16m (€15m) Series A round last month with a $22m (€21m) Series B funding round led by Tiger Global, more than tripling the firm's market value.
The employee experience app maker has raised $38m (€36m) to date and has experienced 150% year-on-year growth for the past three years.
The new funding will be used to for further product development by the company, which opened new offices in Boston, London and Dublin last year and now employs 123 people, a six-fold increase on the size of its workforce since 2020.
"Over the past three years, we have been blown away by the tremendous growth we’ve seen, but mostly by the huge impact the platform has made for our customers," said John Goulding, CEO and co-founder of Workvivo.
"The employee experience is crucial for leaders to prioritise as employees are more burned out and disconnected from their company’s culture than ever. People spend a huge amount of their hours each week at work, and they deserve it to be meaningful and to feel a sense of belonging and purpose.
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"CEOs that adapt to the new working world and change the way they engage their employees will create new and better opportunities for their company and retain their best talent in this period of the Great Resignation.”
Workvivo offers a centralised communications hub where employees can post, comment and live stream video, and it also integrates workplace apps such as Zoom, Slack, Microsoft Teams, Google Workspace and hundreds of HR, CRM and productivity tools.
Its clients include Amazon, Bupa, TELUS International and Clipper Logistics. The May Series A round was led by Tiger Global, Frontline Ventures and Enterprise Ireland, and Zoom founder Eric S Yuan is an early investor in the company, which was founded in 2017.
Speaking to Business Plus in 2018, Goulding described the Workvivo product as "essentially a Facebook for work" and said he and co-founder Joe Lennon had seen a market opportunity for "combining employee engagement and internal communications".
Photo: John Goulding and Eric Yuan.
