InvolveSoft, the Community Engagement software vendor, landed $2.5 million in funding in a round led by Bonfire Ventures. Investors in this round include Greycroft, Bertelsmann, Launch Capital, CrowdSmart and Noname Ventures. Previous funding came from Mucker Capital and others.
“Millennials are driving a huge shift in the way we think about hiring and retaining employees”
The Santa Monica-based company will use the funds to build on its SaaS application technology, expand sales channels and grow its already-unmatched volume of volunteer event content.
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“Millennials are driving a huge shift in the way we think about hiring and retaining employees,” said Gaurav Bhattacharya, InvolveSoft CEO and co-founder.
Gaurav added, “Finding exceptional tools to easily engage employees and contribute to the community are now First Order priorities. We’re excited to support the evolution of business values while doing good across thousands of causes and communities.”
The company launched its flagship Corporate Volunteer platform in early 2017 to accelerated sales success. One reason is InvolveSoft’s access to almost 200,000 volunteer events at any time, solving one of the major challenges companies have in finding volunteer events across geographies, cause and skill options. It has since added Corporate Event Management and enhanced Business Intelligence tools. The SaaS platform can stand alone, and has resources for integration into existing HR applications.
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Millennial Engagement and sales traction were just two of the factors that made the company attractive to investors like Mark Mullen, Co-founder and Managing Director of Bonfire Ventures.
“We’re already active investors in companies that promote good and drive change in the workplace,” stated Mark Mullen. Mark added, “InvolveSoft is the perfect, innovative fit for the explosive growth of workplace volunteering. Corporate culture is undergoing a revolution – 70% of larger U.S. companies now have Volunteer Time Off (VTO) programs. InvolveSoft’s drives up employee participation rates, delivering a boon to corporate culture and the non-profit sector. All while slashing the administrative overhead. That value proposition really got our attention.”
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InvolveSoft’s co-founders, Gaurav Bhattacharya and Saumya Bhatnagar, are on their second, successful mission-driven startup. They founded a software company that identified and reduced instances of female birth cessation across northern India. That company had a successful exit and regional governments now mandate the use of the tool. In addition to the two co-founders, InvolveSoft has attracted senior entrepreneurial talent with experience in Human Resource Solutions and high-growth SaaS companies.
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