By Neil Hodgson-Coyle
SocialCrowd, a future-of-work startup, has closed a $2.5 million seed round, building on the traction from its earlier pre-seed success. Known for bringing a Fitbit-style approach to workplace performance, SocialCrowd incentivizes employees by tracking and rewarding achievements, a method that has proven to boost sales and productivity significantly. For instance, a restaurant that incentivized staff with small rewards for each goal hit saw a striking 490% growth in sales within just 90 days.
The new funding round, led by Bread and Butter Ventures and Augment Ventures, positions SocialCrowd for expansion across engineering, customer success, and sales. CEO and co-founder Raphael Akinsipe highlights the company’s growth, averaging 20% monthly, and mentions an increasing demand from sectors such as retail and manufacturing. While SocialCrowd initially focused on the restaurant industry, it has broadened its impact to serve a wider base of frontline and blue-collar workers, supporting industries that were significantly affected during the pandemic.
The workplace performance and productivity software market continues to attract investor interest, despite a decline from the record funding levels of 2021. Pitchbook data indicates that business and productivity software companies have raised nearly $42 billion in venture funding this year, underscoring the ongoing demand for solutions that improve worker engagement and retention.
Mary Grove, managing partner at Bread and Butter Ventures, expressed confidence in SocialCrowd’s potential, emphasizing the need for technology that enhances the experience of frontline and shift workers—those who are essential to core economic sectors. According to Akinsipe, SocialCrowd sets itself apart by focusing specifically on measurable performance-based rewards rather than sentiment-based acknowledgements common among competitors like Bonsuly and Awardco.
With this fresh capital, SocialCrowd plans to continue scaling its operations and, eventually, explore AI to further enhance its platform. As the future-of-work sector evolves, SocialCrowd aims to stay at the forefront, helping businesses retain top talent and driving productivity for a diverse, ever-evolving workforce.
Original article: https://technews180.com/funding-news/a-2-5m-seed-round-is-raised-for-socialcrowd/
Recent Comments