EngageRocket raises $3Mn Series A funding
Asian employee engagement and performance software company EngageRocket has announced a S$3 million investment to strengthen its presence in Southeast Asia (SEA). The transaction was led by Qualgro, a regional VC based in Singapore. Existing investors SeedPlus, Found. Ventures and JobsCentral co-founder, Huang Shao-Ning, were among those who increased their investment into the company. This brings the total funding raised by the company to S$4.5M.
Demand in people analytics has grown significantly in the region, as large and mid-sized Southeast Asian companies look to improve talent engagement and retention.
EngageRocket has just opened a new office in Jakarta, in addition to its Singapore HQ, while exploring other Southeast Asian markets. The company aims to triple its revenue in 2020 and double its headcount, specifically adding advanced capabilities in engineering, people science, as well as in customer-facing roles in each SEA market to deliver personalised support.
Founded in 2016, EngageRocket’s product suite for employee engagement and performance enhancement enables over 50 active enterprise customers to make better people decisions with real-time analytics. Its intelligent platform empowers HR leaders to gain better visibility into their organisation’s health and performance.
EngageRocket has doubled its user base and grew its enterprise customer segment by over four times in the past 12 months. Today the cloud-based software company has analyzed over two million employees’ answers across 20 industries and 14 markets, from leading companies such as StarHub, Tokopedia, Mediacorp, and Singapore Power.
“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. Personalizing the employee journey using real-time data can yield up to 147% improvements in earnings per share, and 21% gains in per-person productivity,” said CheeTung Leong, Co-Founder and CEO.
Dorothy Yiu, Co-founder and COO, shared, “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.”
“People analytics is becoming an increasingly important lever, for companies across Southeast Asia, to more effectively motivate and retain talented staff, and build a positive culture. Qualgro is delighted to partner with EngageRocket who serves many large and medium-sized Southeast Asian companies. This funding round will enable the team to continue its rapid growth, towards its ambition to become a leader in SEA,” said Heang Chhor, Managing Partner of Qualgro.
“People spend more than half their waking lives at work, and many people tie their sense of identity and self-worth to what they do for a living. EngageRocket aims to help leaders make a positive impact in people’s lives through work,” added Leong.