Singapore-based HR technology platform EngageRocket announced today an additional US$640,000 in a seed funding round led by early-stage venture capital firm SeedPlus, with participation from Found. Ventures, taking the total amount it has raised so far to $1 million.
Founded in 2016, EngageRocket is a cloud-based software company that helps businesses collect and analyse employee feedback and performance through surveys. The firm was started by Leong Chee Tung and Dorothy Yiu, who were both former regional heads at US-based management consulting company Gallup, well-known for its research polls.
Today, EngageRocket boasts clients like Singapore-based energy utility company SP Group, Indonesian financial institution Bank Danamon, Indonesian e-commerce unicorn Tokopedia, Southeast Asian cashback app company Shopback, and others.
This latest funding announcement brings the total funds raised by the firm to over US$1 million, as it had previously raised S$450,000 (around US$326,000) from various investors, like Huang Shao-ning, Co-founder of JobsCentral.
Leong Chee Tung told KrASIA that the new funds will help the company fuel its expansion in Singapore and regionally. The firm will also spend the funds on expanding its product offerings.
This is not purely a financial deal. Leong said that SeedPlus and Found. Ventures can help the startup tap on a strong regional network that will help EngageRocket get a boost in scaling up and across the region.
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“Most importantly, the people at both these companies are very genuine in their support, and so far it has been a great experience working with their teams driving towards a common vision,” said Leong in an email.
According to a recent study, Asia Pacific, home to big markets like India and China, makes up for “substantial market share” within the overall Employee Engagement Software market and is expected to lead this segment globally in the future. Increasingly, corporations are looking to reduce employee turnover rates and keep employees engaged for less, and people analytics might just be a way for these firms to do so.
Editor: Ben Jiang