Do you even use your company’s intranet?
Simpplr, an employee experience platform powered by (you guessed it) AI, announced on Tuesday it raised $70 million in Series D funding. It really wants you to use theirs.
The recent round was led by Sapphire Ventures with participation from existing venture investor Norwest Venture Partners and newcomers Salesforce Ventures and Tola Capital. This brings total funding to $131 million.
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We shouldn’t be surprised that an intranet platform has been gaining steam. The appetite for platforms like Simpplr has remained resilient during the pandemic. In 2022, startups in the space raised over $2.4 billion, just $500 million less than it did the previous year when funding in tech was plentiful. You rarely see that kind of consistency in venture dollars between 2021 and 2022.
Keeping remote workers connected
Simpplr operates as a company intranet where employees can create profiles, access the employee handbook and find company resources. Employers can use it to update their travel expense policy, build social hubs for specific teams or deploy surveys.
The company uses its platform, which looks like a more aesthetic intranet met with the social collaboration of LinkedIn, to develop a constant stream of AI-powered insights that “reads between the lines of employee responses,” according to the website. Through user habits and company sentiment surveys, the platform helps employers understand if employees are paying attention to new updates and how they feel about them.
This, perhaps, is a necessary tool for employers in a remote work environment. With employees scattered across the country (or sometimes the globe), companies are looking for ways to engage workers in order to retain them and keep them productive.
“The employee experience continues to be a major focus for employees and employers alike,” Jai Das, a partner at Sapphire Ventures and Simpplr board member, said in a statement. “A key pillar of a positive employee experience is engagement.”
Simpplr’s $70 million fundraising round is the third largest in this space so far. Rippling, a human resource management platform, raised $500 million in Series E funding back in March. Alera Group, an employee benefits management startup, raised $100 million back in April.
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Illustration: Dom Guzman
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