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 comes with the 300 percent increase in platform usage Winningtemp saw during the first three weeks of CV-19 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.
“Elevera has been helping Winningtemp since 2019 with strategies for developing the business. Elevera’s Thorgeir Einarsson has also acted as an advisor to me as CEO and for the leaders in the business. In the final stages of our latest series B round, we also brought in Elevera as an advisor for strategy and advice on investor selection and negotiations. We have been impressed by Elevera Advisers expertise in the field, to understand the market and with a genuine commitment that is hard to find. We give our strongest recommendation to Elevera Advisors”, says co-founder and CEO Pierre Lindmark.