SocialCrowd, a performance management startup, has secured $1.6 million in a pre-seed funding round led by Bread and Butter Ventures.
Launched in 2022, SocialCrowd offers a SaaS platform that helps companies set goals for employees and rewards them upon achievement, similar to Fitbit but for work. The platform tracks employee performance in real time by connecting to existing productivity apps, sends reminders, and rewards employees with points redeemable for gift cards or custom rewards like time off. The company has seen increased interest as companies struggle with the shift to remote work, particularly those with large blue-collar shift teams unable to transition to remote work during or after the pandemic. This struggle has led to a greater demand for solutions that drive employee retention and increased productivity. Despite the economic downturn, work software remains an attractive investment for venture capitalists due to its potential to increase productivity and ROI. SocialCrowd faced challenges in fundraising, taking nine months to secure the round, primarily relying on referrals to meet lead investors. VC 414, Serac Ventures, and Gala Capital Partners also participated in the round. SocialCrowd plans to use the pre-seed funding to expand its team and focus on customer acquisition. Mary Grove, a managing partner at Bread and Butter Ventures, praised the company’s consumer-first approach and focus on employees, seeing it as a win-win for both employers and frontline workers. Akinsipe envisions a future where SocialCrowd’s platform evolves into more than just a rewards system but also a tool for employee growth and business insight. Akinsipe and co-founder Paul Doran started their entrepreneurial journey in college as roommates, launching several startups together, including a hardware startup that raised a small sum but did not achieve an exit. Akinsipe has also worked at Google and Casetabs, which was acquired by Bain Capital. In conclusion, SocialCrowd’s pre-seed funding round reflects growing investor interest in work software, driven by the need to manage remote work and increase productivity. The company’s focus on employee incentives and performance management positions it well for future growth and innovation in the sector.
Original article: https://www.hrtech.sg/news/socialcrowd-raises-dollar-1m-pre-seed/
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