SocialCrowd secures $1.6M pre-seed funding. This investment was led by Bread and Butter Ventures led this round.
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SocialCrowd is a SaaS platform that was introduced in 2020 and offers performance management software. It enables businesses to set goals for their employees and recognize and incentivize them when those goals are met. Co-founder of SocialCrowd Raphael Akinsipe compared his platform to Fitbit for work in an interview with TechCrunch.
Akinsipe claims that after a customer sets up incentive campaigns with predetermined objectives, SocialCrowd connects to pre-existing productivity tools to measure the customer’s workforce performance in real time.
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After reminding staff members to meet their goals, SocialCrowd gives them points that they may use for gift cards or other personalized benefits, such as time off.
Akinsipe said, “He said SocialCrowd has seen an increase in attention as companies have struggled to manage the move to remote work. “Many of our customers have large blue-collar shift teams; their staff was not able to transition to remote work during or after the pandemic, Many of these companies struggled to retain staff, which created an even greater demand for solutions that drive employee retention and increased productivity.”
Investing in work software is still profitable despite the current economic slowdown. Investors are intrigued to the idea that work software might boost productivity and return on investment, as well as the fact that businesses continue to invest in work software even in times of economic downturn.
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Gala Capital Partners, Serac Ventures, and VC 414 were among the other participants in the round. The pre-seed funding will be used by SocialCrowd to grow its staff and concentrate on acquiring new clients.
Mary Grove, a managing partner at Bread and Butter, said the firm loved SocialCrowd’s consumer-first approach and focus on employees. “Feedback from [the company’s] current customers has us excited that this platform is a win-win for both employers and frontline workers within those organizations,” she told TechCrunch. “We’re backing an incredibly smart team that is deeply versed in enterprise SaaS and building with a product-first lens.”
About SocialCrowd
The job equivalent of a digital Fitbit is SocialCrowd! It’s the first platform that helps you improve employee performance by monitoring, reminding, and rewarding staff members when they meet targets, freeing up managers’ time to concentrate and work efficiently.
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