Leading US venture capital firm Greycroft has co-led an AUD $5 million funding round in cloud based Australian HR-technology business Enboarder with Australian VC Our Innovation Fund. Greycroft, a top-tier US venture capital firm based in New York, counts companies like Acorns, Bird, BetterCloud, the Huffington Post and Thrive Global among its portfolio companies.
Enboarder is the world’s first and only Engagement Onboarding Platform, built to help organisations create engaging onboarding experiences. With employee-focused onboarding experiences proven to increase employee retention and productivity, companies such as Westpac, Tesco, McDonald’s, Deloitte, GE, TomTom, Samsung and Canva, among many others, use Enboarder to ensure a rich and consistent onboarding experience for new hires.
The funding round was undertaken to accelerate growth in the US and globally, and to fuel platform development.
It is the second time Our Innovation Fund has invested in Enboarder, having previously led a AUD $2 million raise in 2016. Our Innovation Fund, a $50 million, early stage investment fund is backed by some of Australia’s leading entrepreneurs and business builders.
Brent Pearson, Founder and CEO of Enboarder, said onboarding minimises attrition from all angles.
“Organisations are waking up to the importance of employee experience and realising that first impressions are crucial. Whilst traditional onboarding focuses on the more procedural, administrative and risk mitigation tasks, today’s talent shortage, low unemployment rates and changing workforce demographics demand a more employee-focused approach, and Enboarder is leading the way,” Mr Pearson said.
“Onboarding is currently a missed opportunity to accelerate productivity, increase loyalty and develop employer brand. We’re making it easy to not only manage the entire onboarding experience at scale, but really wow new hires from the day they sign their offer letter,” he said.
What does this funding mean for Enboarder?
Mr Pearson said the funding is timely for the Australian-based company.
“We couldn’t be more excited about the next phase of Enboarder’s business growth. Partnering with Greycroft provides us with the capital we need to continue to grow fast as well as access to a wealth of experience in the enterprise technology space through their people and network. We’ve been incredibly well-supported by Our Innovation Fund and Greycroft’s inclusion around the table strengthens our depth of talent globally, helping guide the strategic direction of the company, open doors and help take Enboarder to the next level,” he said.
Laurence Schwartz, a Partner at Our Innovation Fund, said Enboarder stands out amongst other employee onboarding platforms for improving recruitment outcomes for companies and in turn boosting their bottom line.
“We’re excited about the opportunity ahead of Brent and the team at Enboarder as well as having an excellent partner in Greycroft join us on this journey. Enboarder has an exceptional team and a great product that is strongly resonating in the market and solving a real pain point for its customers globally.
“We’re incredibly proud of the business and we’re looking forward to continuing to work with Brent, the team and Greycroft to build on this success, and to help fulfil Enboarder’s potential of being a great Australian technology company that is a global leader in the HR-tech software market,” said Schwartz.
Will Szczerbiak, a Principal at Greycroft, said the latest funding round will cement Enboarder’s international expansion.
“Brent’s an exceptional founder and CEO and the business he and the team have built is best of breed in a fast-growing market. Enboarder is making a real impact in organisations around the world and we’re looking forward to helping grow Enboarder’s presence in the US and seize the large opportunity ahead.”