SocialCrowd, a SaaS startup offering performance management software, has raised $1.6 million in pre-seed funding, led by Bread and Butter Ventures. The company see their platform as more than just rewards; it’s a tool for employee growth and business insight.
SocialCrowd, a SaaS startup offering performance management software, has secured a $1.6 million pre-seed funding round, as revealed exclusively by TechCrunch. The investment was led by Bread and Butter Ventures.
Raphael Akinsipe, SocialCrowd’s co-founder said this SaaS startup 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.”
Despite the economic downturn, work software continues to attract investors’ attention as a promising sector. The potential link between work software enhancing productivity and generating higher returns on investment is appealing to investors. Additionally, the consistency of corporations investing in work software, even during economic downturns, further contributes to its attractiveness to investors.
Akinsipe described the fundraising process for his SaaS startup as a marathon, spanning approximately nine months to secure this round of funding. He primarily connected with his lead investors through referrals. “Last year was a tough time to raise for everyone,” he said. “There were tons of ‘No’s’ and even more ‘Not right nows,’ so it took a lot of endurance and creativity to close the entire round.”
“I envision a future where our platform delivers more than just incentives and rewards but is truly a tool for employee growth and business insight,” Akinsipe said.
About SaaS startup SocialCrowd :
Launched in 2020, SocialCrowd is a SaaS platform that provides performance management software, letting companies set goals for their employees and reward them when they are achieved. SocialCrowd automatically tracks employee progress toward goals, reminds them of the work they have left, and rewards them instantly.
According to Akinsipe, a customer can set up incentive campaigns with specific goals, and SocialCrowd then tracks the customer’s employee performance in real-time by connecting to existing productivity apps. SocialCrowd then sends reminders to employees to hit their targets, and when the goals are achieved, the workers are given points that they can redeem for gift cards or custom rewards, like time off.
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