Employee engagement platform Eloops raises $2 million in Seed

Eloops, which develops gamification and marketplace tools for HR teams and companies, is today announcing that it has raised $2 million in Seed led by HIGH BIZ. It is expected that the funding will help develop its platform which allows employees to earn virtual rewards by taking part in company quizzes, surveys, or speaking engagements.

“Employees want their expectations for a significant and better work experience to be met, and at the same time, organizations want to improve performance, keep employees longer, attract quality staff and create a sense of community and belonging in the workplace,” said Idan Shem-Tov, CEO and Co-founder at Eloops. “The current investment will allow us to recruit more employees, accelerate our growth, and create a winning employee experience in every organization in the world.”

Companies face constant challenges to keep employees engaged and connected to their culture, values, and goals - a challenge only made harder during the pandemic and the lockdowns that lasted many months. Eloops can help build a sense of community as well as reward peer-to-peer recognition which can accumulate virtual currency to be spent in a marketplace where companies determine their own rewards, which can include anything from modest office SWAG to one-on-one meetings with the CEO.

The company was founded in 2017 but until now was entirely bootstrapped. Despite the lack of official funding, the company still managed to serve companies such as Coca-Cola, Carlsberg, Israel’s Electric Authority, and Hertz Israel.

"In less than a month, the app became an organizational social network which is driven by the organization's employees, and does not depend only on the activities of the HR team in charge,” explained a representative of Hertz. According to data provided by the customer and shared with CTech, 95% of its employees downloaded the Eloops app and 86% of users are active each month. On average, the company saw 14 interactions per employee per week.

“Eloops is a groundbreaking company in HRTech and we are proud to take part in its breakthrough into the global employer market,” added Noam Boussidan, Co-CEO at HIGH BIZ. “Eloops has succeeded in paving the way for using gamification to shape and strengthen corporate culture, building an innovative experiential space for internal organizational communication, in the new world of hybrid work.”

The company was founded in 2017 by Shem-Tov, Naor Melamed (CTO), Tal Groder (CMO), and Sharon Dayag (COO). Eloops graduated from Batch 3 of Israeli Accelerator Fusion LA in 2018 and in September 2020, it announced that it can be integrated with Microsoft Teams so employees using the platform will not need to download any additional apps or services. The company hopes to expand its integrations by targeting platforms like Slack in the future.