Swedish employee engagement platform Winningtemp has secured €15.1 million in a Series B round co-led by London’s Frog Capital and Stockholm-based Bonnier Ventures. The startup’s most recent funding was a €3.5 million round in early 2019, led by the Norrsken Foundation.
The sizable increase in the Series B funding could have something to do with the 300 percent increase in platform usage Winningtemp saw during the first three weeks of lockdown, plus its consistent growth in months since as teams remain remote.
“Keeping your high-quality talent motivated and effective is now acknowledged as mission critical,” says Shirin Dehghan, operating partner at Frog Capital and newest member of the startup’s board.
Founded in Gothenburg in 2014, the company says its platform is based in science, incorporating over 600 international scientific studies into an AI system that makes predictions and recommendations based on employee behaviour. The insights are meant to lower workplace stress, increase productivity and reduce turnover.
In the UK, which Winningtemp predicts will soon become its top market, customers include Global Marine Group, Acorns Children’s Hospice, Xoserve, Seashell Trust. Serving 600 companies (about 100,000 users) in over 20 countries, the Swedish company is eyeing further international expansion, specifically to the United States.
The team currently works across four offices in Gothenburg, Stockholm, Oslo and London.
Photo: Co-founders Mathias Hansson and Pierre Lindmark