Preciate Raises $4.6 Million Seed Round to Scale its Product Development and Marketing Functions
The Virtual Business Social and Peer Recognition Company’s Flagship Product, Preciate Social, Grew More Than 200% in Q4, With the Number of Socials Hosted Increasing 250%
Preciate, a platform designed to help businesses and teams foster and grow authentic relationships through virtual business socials and peer recognition technology, announced today the closing of a $4.6 million seed funding round led by Inspiration Ventures. Driven by customer acquisition growth of more than 200% quarter-over-quarter, the new funds will be used to scale Preciate’s product development and marketing functions, as well as hiring for a number of roles. Founders Capital Partners and the Santa Barbara Angel Alliance also joined the round, along with angel investors that included fifteen prominent CEOs.
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“With remote work becoming the new normal, companies and organizations need tools that provide the value of in-person relationship building remotely,” said Ed Stevens, CEO and co-founder of Preciate. “Our mission has always been to help people build stronger, deeper relationships in the workplace because friendship and trust make all of us happier, more productive and more successful. This funding round allows us to continue our mission – further developing our products and services as well as making sure people hear about them.”
Preciate’s virtual socializing platform, Preciate Social, has seen business customer adoption grow more than 200% quarter-over-quarter over the past year, with the number of Preciate Socials hosted growing 250% over the fourth quarter alone. Providing an entirely new way for large groups to socialize online, Preciate Social was built from the ground up to provide a fully immersive experience that replicates the atmosphere of real-life business socials and mixers. Its patent-pending Social PresenceTM technology enables the expression of social signals and cues by allowing users to move away from or toward people to start a conversation, hear the background noise of other people chatting and give toasts.
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Preciate Social allows companies to create a fully customized and memorable communal experience. Companies hosting an event can create custom background themes and personalize the music just as they would for a live event. Companies can even hire live performers like Ed Sheeran to headline their social, bringing the thrill of live shows and events to attendees around the world. In addition, Preciate Social’s Convos feature provides built-in ice breakers to help get the conversation started.
“Virtual socialization is only going to grow in the coming years, and people need tools that are specifically designed for the task,” said Gady Nemirovsky, General Partner at Inspiration Ventures. “After using the platform to host our own business socials, it was clear that Preciate had created a product perfectly suited to meet this need and is light-years ahead of the competition. We’re excited to invest in Preciate and look forward to seeing them fulfill their vision for Preciate Social’s evolution.”
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