Performance management startup SocialCrowd features raised a $1.6 million round that is pre-seed by Bread and Butter Ventures, For Millionaires has exclusively learned.

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. Speaking to For Millionaires, Raphael Akinsipe, SocialCrowd’s co-founder, likened his product to Fitbit, but for work.

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 productivity that is existing. SocialCrowd then directs reminders to staff members going to their particular objectives, so when the objectives tend to be accomplished, the employees get things he said SocialCrowd has seen an increase in attention as companies have struggled to manage the move to remote work that they can redeem for gift cards or custom rewards, like time off. “Many of our customers have large shift that is blue-collar; their workers had not been in a position to transition to remote work during or after the pandemic,” Akinsipe said. “Many of those organizations struggled to hold staff, which produced a much greater need for solutions that drive employee retention and enhanced efficiency.”

Work computer software stays a bright place for people, also inspite of the downturn that is economic. The possibility of a connection between work software productivity that is increasing increasing return on the investment is of interest to people, plus they are additionally attracted to the fact corporations have a tendency to put money into work computer software even though the economy worsens.

However, Akinsipe said fundraising ended up being a marathon for their business. He was taken by it about nine months to raise this round, and he met most of his lead investors through referrals. “Last year was a time that is tough boost for everybody,” he said. “There were tons of ‘No’s’ and even much more ‘Not correct nows,’ so it took plenty of stamina and imagination to shut the round that is entire”

VC 414, Serac Ventures and Gala Capital Partners also participated in the round. SocialCrowd will use the money that is pre-seed increase its group while focusing on buyer acquisition.

Mary Grove, a managing lover at bread-and-butter, stated the company enjoyed SocialCrowd’s approach that is consumer-first 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 For Millionaires. “We’re backing an team that is incredibly smart is profoundly versed in enterprise SaaS and creating with a product-first lens.”

“I Envision a future where our platform delivers more than just incentives and rewards but is truly a tool for employee business and growth insight,” Akinsipe said.

Akinsipe and his co-founder Paul Doran first met in college as roommates. Together, they started a hardware startup that raised a sum that is small but couldn’t secure an exit. “From the period on, we understood we’d remain on the journey that is entrepreneurial” Akinsipe said.

The duo proceeded to start out several startups, including web designing company Glow Station and site management solution only Media Studios. Akinsipe has additionally held tasks at Bing, in addition to at Casetabs, which marketed to Bain Capital.