Woba, a Copenhagen-based HRTech startup, has recently announced that it has raised $3.19 million (€2.95 million) in funding from existing investors PreSeed Ventures and Denmark’s export and investment fund, EIFO. With this financing round, the company intends to fuel the HR platform’s entry into additional meticulously chosen international markets and continuously accelerate its global reach.
Woba, co-founded by Malene Madsen and Mikkel Bindesbl, is an all-in-one HR platform that assists managers in evaluating and minimizing worker turnover. The firm quickly developed a successful product and brought it to market, allowing it to spend the last year extending its footprint across 35 new nations. The quick expansion has resulted in a 200% increase its user base outside of Denmark.
Speaking about the company, Co-founder & CEO of Woba, Malene Madsen, said:
I have a vision that Woba will be the world-leading HR impact solution within five years. To achieve this goal, we have crafted a focused growth plan across customers, user numbers, teams, products, go-to-market, and financing. So far, we have achieved everything we’ve set out to, so I expect us to continue this way.
The startup’s AI-powered platform connects all of the measures’ data insights with a financial forecast of the risk of talent loss. It instantly offers action plans to prevent threats before they cause damage, allowing HR to immediately demonstrate to the CFO the financial return from the dashboard.
General Partner from the PSVTech01 Fund at PreSeed Ventures, Helle Uth, added:
It’s a rare occasion to find a tech startup that can bring in a positive cash flow while pursuing an aggressive expansion strategy just like Woba. And despite corporate cost-cutting, the best HRTech startups experience more demand than ever. No matter the market situation, companies need to recruit talent and motivate and incentivize them to retain it. With our recent investment, we’re keen to see how quickly and well Woba will find its foothold in new, foreign markets.
Helle has been a member of the company’s board of directors since their first investment in 2021. She now oversees another PreSeed Ventures investment in Woba with the same assurance.
Jacob Henriksen, Senior Investment Associate at EIFO Investments, is also keen on reinvesting in Woba and joining their board since the company might be a decisive approach to establishing better workplaces.
In EIFO, we are joining the vision of creating a platform that can assist companies in enhancing workplace well-being. Woba gathers all feedback from workplace assessments and employee satisfaction surveys in one platform. This data can be translated into concrete action plans that reduce the risk of issues such as workplace dissatisfaction.
In 2020, Woba had raised an undisclosed amount in its pre-seed round led by PreSeed Ventures.