Loopin, a UK-based HRTech startup providing an employee morale platform, has recently raised $2 million (£1.6 million) in seed funding from angel investors. With these funds, the company plans to develop its platform further and bring morale to the workplace. It’s yet to roll out its coaching platform to the public.
Founded by two former Royal Marine Commandos, Ben Williams and Antony Thompson, Loopin is a tool for managers to keep track of and motivate their staff. Employees provide updates on their progress and general status, which managers can view in a feed. It uses NLP and Chat GPT to assess the team’s mood and generate predictive behavioural analytics, measuring and forecasting team morale.
Speaking about the company, Co-founder & CEO of Loopin, Ben Williams, said:
As a former Royal Marine, I know first-hand that teams with high morale can accomplish the seemingly impossible. Coaching business leaders after leaving the Royal Marines, I was stunned to find that they had no way to measure and manage morale across the organization in real time. We built Loopin because morale is a metric on every board’s list of core KPIs. We’re excited to roll out Early Access to help more companies that care about their people and their performance.
The company already has 40 paying customers, including Reed, Farfetch, and JD Sports. Loopin aims to help 1 million employees boost performance and reduce team turnover by 2028.
Commenting on the fundraising, Stuart Neal, former General Manager of Boku Identity and Chairman of Loopin, added:
This seed funding has been raised from angel investors who have founded and led companies – and who understand the value of what Loopin has built. At any one time, a staggering 45% of employees actively think of leaving their job. The average cost of replacing an employee is £30,000, so the price businesses are paying for low morale is huge. Loopin has developed the first-ever metric for measuring morale, and, combined with cutting-edge Generative AI; it’s going to transform the way all successful companies operate.
Headquartered in Bristol, Loopin plans to eventually take anonymized data from companies to allow them to benchmark themselves against other similar external organizations. The firm believes it will almost become a marketplace for morale and performance coaching inside businesses.