Irish employee communications company Workvivo has raised $22 million (€20.8 million) in a Series B funding round that will fund product development and innovation.
The company said the funding round had trebled its valuation, but did not specify a figure.
The funding round was led by US investment firm Tiger Global Management, which also led Workvivo’s Series A funding round in 2020. New York-based Tiger has previously invested in Airbnb, Facebook, Spotify, Peleton, LinkedIn, Uber and Stripe, the online payments company founded by Irish brothers Patrick and John Collison.
Cork-based Workvivo, which developed an internal communications platform to increase employee engagement, said the funding would be used to further develop its product, adding innovative features. The latest round brings Workvivo’s total funding to date to $38 million, with previous backers including Zoom founder Eric Yuan and Frontline Ventures.
Founded by John Goulding and Joe Lennon in 2017, Workvivo serves 300 customer organisations in 90 countries, with customers that include Amazon, Netgear, Cubic Telecom and Telus International, the owner of Voxpro. It employs more than 120 people, with total staff numbers increasing sixfold since 2020.
In the past year, Workvivo has opened offices in Boston, London and Dublin, recording more than 150 per cent growth year on year for the past three years as the pandemic challenged companies to find better ways to engage and connect staff.
“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 Mr Goulding. “We’re working with some of the world’s largest organisations to help them foster world-class workplace cultures. We’re thrilled to announce this new round of funding which will help fuel the next step in our journey.
“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.
“CEOs who 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.”