London-based, all-in-one digital workplace YOOBIC has closed a $50 million funding round. The platform is specifically focused on frontline (a.k.a deskless) workers, offering a mobile hub to help manage daily tasks, provide training, and enable communications between peers, supervisors, and HQ. The funding is expected to further fuel YOOBIC’s growth in the EMEA and North American markets as well as ramp up R&D efforts particularly in data intelligence and predictive insights. To date, the firm has raised just over $80 million.
Three years ago, it was widely reported that 80% of the global workforce, or 2.7 billion people, do not regularly sit behind a desk as their primary job function. And yet, the same numbers point to only 1% of IT spending being invested in this sector. This is where YOOBIC steps in, addressing retail associates, restaurant staff, field workers, and a number of other deskless professionals.
A global pandemic has seen long-time standing brand names collapse under the weight of financial pressures. Going forward, companies will need to execute flawlessly, streamline communication, and improve training and upskilling programmes for their frontline employees.
YOOBIC counts over 300 brands including Boots, Carrefour, Lancôme, Lacoste, Logitech, Lidl, Peloton, Puma, and Vans across 80 countries worldwide. Q1 2021 saw the firm onboard Untuckit, Roots, Canada Goose, Longchamp, Lidl, Zadig & Voltaire, and Athletico, indicating the growing need for an efficient and effective mechanism specifically designed for deskless workers.
The Series C funding round was led by Highland Europe. Existing investors Felix Capital, Insight Partners, and an unnamed family office advised by BNF Capital also participated in the round.
“We’re excited to partner with YOOBIC, which, thanks to the highly impressive team led by Fabrice, Avi and Gilles, has clearly established itself as a leader in the digital workplace space with demonstrable market traction and impressive growth,” commented Highland Europe's Jean Tardy-Joubert. "While companies have historically focused on digital investments for deskbound employees, the world is becoming distributed and decentralized. We anticipate a seismic shift that will see huge resources, technology, and capital shifted toward frontline teams.”
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