EngageRocket raises over US$2mil Series A, aims to boost People Analytics in SEA
By Digital News Asia March 19, 2020
- Series A funding led by VC firm Qualgro, total investment at US$3.1mil
- Founded in 2016, company has since help analyse two million employees’ answers
Employee engagement and performance software provider EngageRocket announced a US$2.1 million (SG$3 million) investment, which will be used to strengthen its presence in Southeast Asia (SEA).
The transaction was led by Singapore-based regional VC Qualgro, with existing investors SeedPlus, Found Ventures and JobsCentral cofounder Huang Shao-Ning participating as well. This brings the total funding raised by EngageRocket to approx. US$3.1 million (SG$4.5 million).
[SG$1 = US$0.70]
This funding round follows a new office opening in Jakarta, in addition to EngageRocket’s Singapore HQ. The company aims to triple its revenue by end 2020 and double its headcount, specifically towards adding advanced capabilities in engineering, people science and customer-facing roles.
EngageRocket was founded in 2016 and provides a product suite for employee engagement and performance enhancement, which enables over 50 active enterprise customers to make better people decisions using real-time analytics. Its platform lets HR leaders gain better visibility into their organisation’s health and performance.
The company has since doubled its user base and grew its enterprise customer segment by over four times in the past 12 months. As of now, the cloud-based software company has analysed over two million employees’ answers across 20 industries and 14 markets, including leading companies like StarHub, Mediacorp, Tokopedia, and Singapore Power.
In 2017, the company raised SG$450,000 during their angel round, which was used to accelerate product development and scale operations to meet local demand. This was followed by a US$640,000 seed funding round led by early-stage VC firm SeedPlus in 2018, meant to fuel expansion in Singapore and regionally, as well as expanding its product offerings.
EngageRocket’s cofounder and COO Dorothy Yiu says: “EngageRocket has partnered with our customers to build a culture of transparency and open communications that has helped them increase employee loyalty by over 400% while equipping leaders at all levels with relevant insights to motivate and manage their teams better.”
“As the war for skilled talent intensifies in Asia, companies are starting to embrace an approach to talent analytics that’s inspired by customer analytics. Personalising the employee journey using real-time data can yield up to 147% improvements in earnings per share, and 21% gains in per-person productivity,” claims EngageRocket cofounder and CEO Leong Chee Tung.