SAN FRANCISCO, May 19, 2015 /PRNewswire/ -- San Francisco-based startup BetterCompany today announced it has raised a $6M Series A round in preparation for its U.S. launch. Social network technology has tackled everything from matchmaking to job-hunting, yet people still lack a place to candidly and comfortably share issues and moments that arise during their workday. Whether to bounce work situations off of like-minded coworkers and peers, or to share experiences with managers and employers, a trusted platform for honest dialogue just doesn't exist. It is a significant gap at a time when the value of employee engagement is well understood, and a company's reputation plays a significant role in securing top talent.
BetterCompany previously raised $1.7 million in seed funding from David Sacks, founder of Yammer; Adam Nash, President/CEO of Wealthfront; Ryan Holmes, founder/CEO of HootSuite; Jason Calacanis (LAUNCH Fund); David Cohen, managing director/founder of Techstars; and Institutional Seed Advisor Ben Narasin. BetterCompany's initial seed funding made possible extensive customer development and due diligence with thousands of CEOs of enterprise companies before writing a line of code. Additional seed round investors included Greylock Partners, Eniac Ventures, Cervin Ventures and KEC Ventures. The $6 million in Series A funding was led by BlueRun Ventures, an early stage investor focused on mobile software and services investments. As part of the funding round, Jeff Tannenbaum of BlueRun Ventures is joining the BetterCompany Board of Directors.
"BetterCompany is a safe place that surfaces key workplace issues, opinions and topics while fostering healthy conversations. These conversations elevate the voice of the employee and allow them to contribute in ways they weren't able to before," said Tom Williams, CEO and founder of BetterCompany, who has dedicated his career to facilitating a more effective, real-time workplace dialogue. "Various software solutions have tried to give employees a voice, but they've been built upon traditional HR paradigms. BetterCompany takes a different approach, and our early test market demonstrates that employees are craving a better forum."
"Employee engagement and retention is an urgent business issue today," said Josh Bersin, principal, Bersin by Deloitte, Deloitte Consulting LLP. "Business leaders are struggling to build a compelling work environment and the annual engagement survey has not kept up. Innovative solutions that enable open conversations about the workplace have the potential to disrupt traditional HR solutions and unleash a new era of real-time feedback that will help HR and business leaders dramatically improve the workplace for employees at all levels."
With a successful pilot across Canada, BetterCompany has spent nine months validating the platform with employees at over 1000 companies, subjecting the offering to intensive consumer input, and sparking hundreds of conversations with executives to reaffirm the power the platform can have in benefitting everyone from the front lines to the c-suite.
Prior to its U.S. launch, BetterCompany is continuing to meet with major employers to educate them on the power of this platform, and the value for their people and the organization at large. To learn more about participating, visit www.bettercompany.co.
BetterCompany is infusing the workplace with an entirely new type of dialogue. For more information, visit www.bettercompany.co.