Centrical Launches with $13 Million in Additional Funding; Latest Round Led by Aleph with JVP, Company's Largest Investor
Formerly Known As GamEffective, Company Will Use Funds to Step up Efforts To Revolutionize Employee Performance & Development
NEW YORK and TEL AVIV, Israel, Nov. 4, 2019 /PRNewswire/ -- The provider of the holistic employee engagement and performance management platform today announced its new corporate name, Centrical, and the closing of a $13 million funding round led by Aleph, a new investor, along with the company's largest investor Jerusalem Venture Partners (JVP). The company now has $34 million in total funding. Other existing investors who participated in the latest round included La Maison Compagnie d'investissment, and 2B Angels.
Centrical, formerly GamEffective, will use the investment to boost growth, increase R&D activities, add to its array of solutions, build strategic alliances, and expand its customer roster, which already includes Microsoft, Novartis, Synchrony Financial, Unilever, and Swiss Life, among others.
"We became Centrical because, as a brand, it more accurately reflects our mission; to revolutionize the way companies get ready for the future of work, one which makes employees the center of their business success," said Gal Rimon, Centrical's founder and CEO. "Centrical is able to do that because, unlike single point solutions, our platform holistically combines advanced gamification with personalized microlearning and real-time employee performance management to provide better motivation which yields better learning for better performance, such as 10% sales growth or a 12% increase in customer satisfaction. With Centrical, we all work better together."
"Centrical's SaaS offering can improve the operations of almost any large company," said Aaron Rosenson, an Equal Partner at Aleph, who joins Centrical's Board of Directors with this announcement. By combining learning, feedback, and gamification with deep IT integrations, they have created a novel offering that is greater than the sum of its parts. They are growing rapidly across a variety of industries, with hundreds of thousands of employees on the platform. We are thrilled to partner with them."
"JVP is proud to advance Centrical's revolution in the employee performance and development arena. It is the only player that combines gamification, personalized microlearning and real-time feedback synergistically to encourage and equip employees to meet, if not exceed, their targets," said JVP Partner and Centrical Board Member, Tali Rabin. "Multinational companies need to be able to motivate and engage thousands of employees, this is the predominant challenge in today's work environment. Centrical is uniquely able to help organizations meet this task, and to do so with compelling results."
This investment lets Centrical increase its team's size and strength to better manage rapid growth. In addition, it will intensify work in AI and related areas to yield smarter and autonomous solutions so large enterprises can better handle their complex, constantly changing business challenges.
About Aleph
Aleph is an early stage venture capital fund with $334 million under management. Aleph partners with Israeli entrepreneurs to help scale them into large, meaningful companies and globally recognized brands. Aleph is an Equal Partnership of Eden Shochat, Michael Eisenberg and Aaron Rosenson. Aleph is sector agnostic and since its founding in 2013, the fund has invested in 25 companies in a wide range of sectors such as fintech (Lemonade, Colu), transportation and logistics (Freightos, Nexar, Bringg, CommonSense Robotics), Shared economy (Wework, Honeybook), AI (Anodot, Sparkbeyond) and consumer applications (Joytunes, Houseparty). For more information, please visit http://aleph.vc
About Jerusalem Venture Partners
Jerusalem Venture Partners (JVP), is an internationally renowned venture capital fund based in Israel. Established in 1993 by Dr. Erel Margalit, JVP has to date raised $1.4 billion across 9 funds, and has been listed numerous times by Preqin, and other rankings, as one of the top-ten consistently performing VC firms worldwide. JVP has built over 130 companies, leveraging a broad network of partners and market expertise to help companies become global market leaders. Among the pioneering firms of the Israeli venture capital industry, JVP has been instrumental in building some of the largest companies out of Israel, facilitating 12 Initial Public Offerings on NASDAQ including CyberArk Software ($3.6 billion market. capitalization), QLIK Technologies (then $2.5 billion market capitalization) and Cogent Communications ($2.3 billion market capitalization) https://www.jvpvc.com/.
About Centrical
Centrical employee engagement and performance management solutions help companies motivate employees to exceed their own KPIs. It does this by blending advanced gamification with personalized microlearning and real-time employee performance management. Centrical's platform produces improvements like +12% employee productivity, +20% average deal values, +30% faster onboarding, and +12% customer satisfaction KPIs for multinational enterprises in consumer-packaged goods, business process outsourcing, financial services, insurance, pharmaceuticals, technology, telecommunications, and travel & hospitality, among others. Centrical's technology platform can be easily integrated with all leading enterprise systems. The company has offices in New York, and Ra'anana, Israel. For more information please visit www.centrical.com.
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