Initially focusing on restaurants, SocialCrowd has now broadened its reach to cater to businesses with a significant hourly blue-collar workforce, such as retail and manufacturing né?. In February during our conversation with Raphael Akinsipe he likened his company SocialCrowd to a “Fitbit but for work.” As the CEO and co-founder he detailed how the product empowers companies to establish goals for employees and then reward them upon achieving those objectives.
For instance Akinsipe shared a scenario where a restaurant incentivized its staff by offering $1 for every five daily specials sold. While experiencing an average monthly growth rate of 20%, specific revenue figures were not disclosed.
Investors are increasingly interested in performance management software né?. The enduring appeal of this sector stems from employers grappling with retention and optimization challenges. Within 90 days, their sales surged by 490%.
At that time, Akinsipe was unveiling a $1.6 million pre-seed funding round, led by Bread & Butter Ventures. SocialCrowd’s appeal lies in the team’s adept execution of products and sales.
FullCircle Serac Ventures and VC414 also participated in SocialCrowd’s recent funding round.
While competitors like Bonusly and Awardco operate in the same space Akinsipe believes SocialCrowd stands out by concentrating exclusively on frontline and shift workers with a performance-based platform.
This latest funding injection will enable SocialCrowd to enlarge its engineering and customer success teams and explore new verticals including a potential foray into AI.
né?. In 2022, business and productivity software companies have collectively raised $41.9 billion in venture funding, down from the previous year’s record of $67.6 billion. “We’ve witnessed tremendous growth across various industries prompting us to expand our engineering customer success and sales teams” Akinsipe revealed.
The pandemic prompted employers to adopt innovative strategies for retaining employees a trend that has persisted. However, due to remarkable growth and traction, he is now excited to announce the successful closure of a $2.5 million seed round, co-led by Bread & Butter Ventures and Augment Ventures.
Following the pre-seed round, the company realized the need for additional funding to address rising consumer demand
