Israeli startup Connecteam, which developed an all-in-one employee app for organizations, announced on Wednesday the closing of a $37 million funding round led by Insight Partners, O.G. Tech, and Wix’s leadership team. Connecteam has raised $40 million in total to date and all the funds from its latest round will be invested in the company.
Founded in 2016, Connecteam employs 45 people out of its offices in Tel Aviv and plans to increase its workforce to 100 people following its latest round. Among its 10,000-plus global customers, spanning 60 countries, are leading brands such as Nike, Sodexo, SodaStream, ISS, and Plasson.
During 2020, the company saw massive customer growth of more than 400%, and now has over 150,000 active users. The company grew its team by 300% to meet the rising demand.
Connecteam develops a mobile business optimization service designed to help businesses create their own mobile apps for managing their staff. The company's system integrates with an online platform to create mobile training manuals, establish communication between management teams and employees, and assist executives with the monitoring and management of their remote employees. Available features that can be added to the app include an employee time clock, scheduling tools, and employee training manuals.
“We have built the platform from the ground up to meet the needs of organizations with frontline employees. Most people don’t realize it, but deskless employees comprise 80% of the global workforce - 2.7B employees around the world,” said Amir Nehemia, co-founder and CEO of Connecteam. “So many organizations still rely on bulletin boards, phone calls, printed spreadsheets, and face-to-face training to run their businesses. We have plans to change that and help organizations and their employees improve communication, work processes, and collaboration.”
Avishai Abrahami, Wix’s CEO and an early-stage investor at Connecteam said, “Like Wix, Connecteam is a great product-led company that doesn’t just focus on the problem it solves, but also on the people behind it. I am not surprised to see it’s accelerated growth: it has the right mindset, an outstanding product, and a vast market that is pro-actively looking to do things differently as they are tired of the old ways. I believe we are going to hear much about Connecteam in the future.”