Workvivo raised $ 16 million in venture capital as the Irish company prepares to expand its platform, which will serve as a hub for all internal employee communications.
Tiger Global led the round of financing, which included the participation of Frontline Ventures and Enterprise Ireland. The Cork-based company, which had become profitable before taking external funds, has now raised a total of $ 17.5 million.
The funding round and growth of Workvivo are the latest sign that despite numerous attempts to reinvent workplace communication and collaboration, no single solution has been able to fully solve the challenge. The explosion of work from home while the corona virus was blocked has made the problem of creating more effective ways of communicating internally with employees even more pressing.
When you enter the workplace collaboration area, you have to deal with giants like Google, Microsoft, and Facebook who are addressing this problem with a number of tools. But it also means standing out from startups like Front, which form a platform for email collaboration. Slite, which has created a document collaboration service; and LumApps, which has its own social intranet platform.
Goulding said he and co-founder Joe Lennon hadn’t set out to create a communication platform when they started working together three years ago. Instead, the focus was initially on helping companies improve employee engagement. However, when they began to examine the factors that led to engagement, they found that communication seems to be the common thread running through companies’ efforts to improve recognition of employee success towards an internal community create and build a stronger culture.
Of course, companies have been using intranets for decades to create central hubs for notifications, directories, internal memos, and human resources. When the two started developing Workvivo, they wanted to develop something that would fit the various tools that employees use to communicate, such as: B. Slack, Microsoft Teams and Zoom.
The Workvivo user interface acts like a platform for social networks. Employees can also publish and monitor Slack messages, or schedule and start zoom calls.
According to Goulding, the real strength was improving the less immediate asynchronous communication, e.g. For example, a critical internal memo that can be sent to the service so employees can comment and give feedback. Throughout the day, employees can create posts similar to Facebook to discuss achievements, share their progress toward project goals, or just start a conversation.
“People need to be recognized for doing great things,” said Goulding. “It captures the heartbeat and culture of the organization.”
With the recent funding, Goulding said the company plans to accelerate its marketing efforts and product development. He also expects the company to roughly double its 22-person workforce.