February 7, 2017 – Investors continue to pour money into new technology that aims to change the talent management game. YouEarnedIt, an SaaS company that is significantly altering how companies drive employee engagement and bottom line performance metrics, just closed $6.5 million in funding.
YouEarnedIt’s HR technology platform aims to redefine the way companies engage with their employees. By providing a platform to connect, reward, reveal, and report in real-time, YouEarnedIt can consolidate employee engagement initiatives into one, easy to use mobile platform for teams of all sizes. Since launching in 2013, YouEarnedIt has delivered its flexible software to small enterprises and Fortune 500 brands across several industries.
The new funding will enable the company to expand capacity, drive innovation through new product development and support sales and marketing initiatives to position YouEarnedIt as a stand-out platform within the growing HR Technology space.
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The Series A financing is co-led by Austin-based Silverton Partners and San Francisco-based IDG Ventures USA, an independent early-stage firm that’s part of a global network of IDG-affiliated venture capital funds with over $3 billion under management. Existing investors include WPP, Social Starts, the Motley Fool and Capital Factory.
“The business of getting work done has changed dramatically, and the need to meet these new models in a way that drives meaningful results is more important than ever,” said Alexander Rosen, managing director of IDG Ventures USA. “We have a huge network of enterprise buyers of software, and unique method for employee engagement that the YouEarnedIt platform offers resonated with us. Plus, we are super excited about this management team and its vision to improve work and its outcomes.”
Companies have prioritized finding partners and solutions that understand the importance of driving results through a highly engaged and motivated workforce, he noted. “We found this partner in YouEarnedIt and are impressed with the growth and results they are delivering to some of the world’s most competitive and compelling companies.”
Since launching in 2013, YouEarnedIt has held true to its “employee-first” philosophy to driving employee engagement and attributes high user engagement with the platform. Rather than the traditional top-down approach to the employee experience and HR tools, YouEarnedIt’s 100,000-plus end-users become more motivated at the office by having a meaningful role in real-time peer recognition and earning rewards for behaviors aligned with both their employer’s business objectives and individual needs.
“YouEarnedIt took a strong stance in its commitment to solving the real problem for employee engagement and performance and asked, ‘What does the employee need, and how is this different than what is being offered through the traditional HR tools that exist today?’ By focusing on the employee, YouEarnedIt can deliver better results for businesses and stay committed to driving real change for the employee,” said Mike Dodd, a partner at Silverton Partners.
“Over the past three years, I’ve watched the growth of the team, the customer base and the impact of the platform not only here in Austin but also globally,” he added. “The executive team has a proven track record and Silverton is excited to be part of another Austin growth story.”
“We’re elated to have the backing from IDG Ventures and Silverton,” said YouEarnedIt CEO Autumn Manning. “From early in the conversations, it was clear both firms saw our unique philosophical approach and supported our vision of building an engagement and performance platform owned and managed by employees.”
This is the only way to drive real change across the organization, she said, pointing to customers like Whole Foods, Zuora and Hasbro as showing this commitment to their employee base. “Both partners bring a wealth of operational experience to the mix that will assist us through this next phase of growth.” She said the company’s primary product focus in 2017 is to enhance the feedback mechanisms and increase the level of actionable insights for users and customers to improve their impact and performance individually and across their teams.
HR data analytics is big business – and getting bigger. And new tools for HR professionals could not come at a better time. Only 52 percent of organizational leaders are satisfied with the data they currently receive from their recruitment process outsource provider, according to the ‘Measuring Up’ report released by Korn Ferry subsidiary, Futurestep. Low volume of data, accuracy of metrics, and alignment with business outcomes were specifically highlighted as problem areas by businesses monitoring performance metrics ….. Here’s some further reading from Hunt Scanlon Media.
New Money Pouring Into Talent Management Metrics
Randstad Holding, a firm specializing in solutions in the field of flexible work and HR services, is leading a seed financing in Focus Orange Technology. Randstad’s service offerings range from temporary staffing and permanent placements to in-house, professionals, search & selection, and HR Solutions.
Other investors also continue to pour money into HR recruiting solutions. Here is a look at some recent funding deals secured by these companies from the Hunt Scanlon Media archives:
- Talent acquisition platform SmartRecruiters recently raised $30 million in series C financing, led by New York-based venture capital and private equity firm Insight Venture Partners. The company plans to leverage the additional capital to sustain its rapid growth, accelerate its global market presence, and continue to invest in its product footprint to serve the needs of the more than 5,000 enterprise companies that are using underperforming recruiting ‘add-ons’ from HRIS suite providers;
- Reflektive, an HR analytics and employee engagement platform, has secured $13 million in series A funding led by Lightspeed Venture Partners. Reflektive will use the new funding to accelerate development of its platform, enhance customer success and hire across all departments to support its mission to revolutionize performance management;
- Glassdoor, a job and recruiting marketplace, closed a $40 million investment round recently, led by funds and accounts advised by T. Rowe Price Associates. The financing will support Glassdoor’s continued growth and investments in product, marketing, and people around the globe, according to internal sources at the company;
- Invenias, a U.K.-headquartered global cloud-based platform for executive and strategic hiring, has secured $2.8 million in funding. The financing package includes $1.1 million in new funding from existing investor MMC Ventures, supported by $1.7 million in debt funding from Clydesdale & Yorkshire Banks. The funding will be used to help the firm execute on its international growth plans as well as invest in R&D and support its expanding customer base;
- CoreHR, a provider of cloud-based human capital management and payroll software, recently received an investment from JMI Equity, a growth equity firm focused on investing in software and services companies, and JMI Services LLC, which is the family investment company of John J. Moores;
- Randstad Holding confirmed it is leading a seed financing in Focus Orange Technology. The investment is centered around the development of Crunchr, Focus Orange’s analytics platform. Crunchr collects, validates and consolidates people data into meaningful insights around strategic workforce planning, succession, talent management and employee preferences.
Contributed by Dale M. Zupsansky, Managing Editor, Hunt Scanlon Media