Social impact technology company, Socialsuite, has secured $1.5 million in its latest funding round, led by Australian based Tidal Ventures and including Salesforce Ventures, in May this year.
Socialsuite gathers feedback and sentiment which provides insights to help manage social issues.
Its customers include charities, philanthropic foundations, government organisations and companies, including Scope, Salvation Army and YMCA.
The investment follows significant momentum this quarter (May – July) which saw:
- 80% increase in customer growth Year-on-Year
- More than 1,000 organisations signing up to Socialsuite’s Free COVID-19 Social Impact Assessment
- The World Summit Award for Sustainable Development Goal technology
- Expansion into the US
- The launch of the innovative ‘lite’ social impact solution
How do they intend to use the funds raised?
The proceeds from the capital raise will be used to support growth and continue to enhance the product.
“The demand for Socialsuite has been growing over recent years but due to recent events, including bushfires in Australia, COVID-19 and rising social inequality movements, we have seen an exponential increase in demand,” says Socialsuite CEO, Brad Gurrie.
“With trillions of dollars flowing into social programs and demand for services increasing, there is a critical need for Socialsuite.
This was illustrated in the midst of the coronavirus pandemic, when we launched the Free COVID-19 Social Impact Assessment.
More than 1,000 organisations signed up in just a few weeks to monitor the social impact of COVID-19 on their people.
The tool helps organisations to understand what help people might need with stress, resilience and loneliness.
These key learnings have helped shape the launch of a ‘lite’ product that will address the needs of charities around the world,” says Gurrie.
“Now more than ever, charities around the world are struggling to keep up with demand for their support, accept donations and demonstrate the impact of their programs. Socialsuite is able to help not-for-profits to monitor the impact of their programs and report back to stakeholders.”
“The Free COVID-19 Social Impact Assessment is a great example of our joint focus on providing rapid support to organisations trying to support their employees and stakeholders to react to the COVID-19 pandemic,” says Rob Keith, Head of Australia, Salesforce Ventures.
“Since making our initial investment in Socialsuite, we have seen the team make significant progress in delivering a capable social impact measurement platform for local and international markets.
Socialsuite’s growing collection of assessment methodologies provide relevant solutions addressing the community, corporate and environmental challenges we are facing globally,” says Wendell Keuneman, general partner at Tidal Ventures.
Founded by Dr Clara Ong and Damian Hajda in 2015, Socialsuite initially focused on working with corporate social responsibility programs before extending its offering to work with charities and foundations.
Building on this momentum, the business will explore fast-tracking its Series A capital raise to allow it to scale rapidly as the world shifts its focus to social issues.