WorkBuzz, a fast-growing employee engagement platform, has recently raised $7.9 million (£6.2 million) in its Series A round led by YFM Equity Partners. The funding round was also backed by existing investors Mercia and Foresight Group (Foresight), which invested in the Midlands Engine Investment Fund (MEIF).
With this investment round, the British HRTech startup plans to pursue international expansion, enhance sales and marketing, and deliver new tech innovations to its growing roster of clients.
Launched in 2018 by employee engagement expert Steven Frost, WorkBuzz aims to help organizations create cultures where every voice matters and every person can be their best. It provides businesses with an agile employee engagement platform backed by expert consultancy. It helps forward-thinking organizations gather real-time feedback from their people, analyzes this in real-time using AI, and guides managers on where to focus on building great cultures and improving employee retention. The company has almost doubled in size in each of the last two years and currently serves over 400 organizations, including Five Guys, Shell Energy and HS2.
Commenting on the fundraising, Chief Executive Officer of WorkBuzz, Steven Frost, said:
We’re proud of what we’ve achieved so far and are very grateful for the support of our clients and partners, but it feels like we’re just getting started. This latest investment round will be transformative – it’s 180% more than our entire history. We’re excited to scale up our investments in our platform and innovations, co-creating these with our clients, as well as expand into the U.S. With generational talent shortages and disruptive technologies like generative AI, there’s never been a more exciting time to build an HR tech company and make an impact.
Headquartered in Milton Keynes (UK), WorkBuzz offers regular pulse and ad hoc surveys, as well as onboarding and exit surveys, to determine the views of the workforce. Pulse surveys’ temperature check’ employee sentiment a few times each year, allowing leaders to focus on the issues that matter most to their people. Its surveys work on multiple devices and are accessible to all employees.
Adam Hart, Investment Director, YFM, added:
WorkBuzz is going through a really exciting period of growth and has the ambition and drive to expand upon this significantly. They have been able to attract big-name clients thanks to a combination of leading-edge software and clear domain expertise in the employee engagement space. As growing numbers of organizations seek to forge stronger connections with employees in a complex environment, WorkBuzz has the potential to make a huge impact in this market.
In 2021, WorkBuzz had raised £780,000 in funding from Mercia and Foresight, investing through equity finance from the Midlands Engine Investment Fund (MEIF) alongside private investors.