Swedish HR AI software leader receives support for its Series B funding round from UK scaleup experts, Frog Capital, and major Nordic investor, Bonnier Ventures
GOTHENBURG, SWEDEN: OCTOBER 2020 - Swedish employee engagement startup, Winningtemp, today announces its Series B funding round of €15.1M co-led by London’s Frog Capital and Stockholm-based Bonnier Ventures.
Having experienced a 300% increase in platform usage during the first three weeks of lockdown, and consistent growth over summer, Winningtemp’s AI and science-based employee engagement platform has become a mainstay for companies attempting to ensure morale is maintained during a time of remote working.
Based on more than 600 international scientific studies, the platform helps senior team members visualise employees’ behaviour and development in real-time: providing predictions and recommendations alongside real-time insights, helping strengthen engagement and performance.
Having become a category-leader in its native Sweden, Winningtemp is relied upon by 600 companies globally. Winningtemp now has over 100,000 daily users in over 20 countries and is targeting international expansion, specifically to the United States.
In the UK, which Winningtemp predicts will soon become its number one market, customers include Global Marine Group, Acorns Children’s Hospice, Xoserve, Seashell Trust.
In order to maintain this international growth and to capitalise upon the fact that employee morale and efficacy has moved from the preserve of HR departments to being a top priority for CEOs and C-suite executives, this latest funding round was brought forward.
Shirin Dehghan, Frog Capital Operating Partner, joins Winningtemp as Chairperson and will sit on the company’s board.
The global market for employee engagement has experienced significant growth even before remote working rendered the technology indispensable. According to a report by the Office For National Statistics (ONS), in April 2020 46.6% of people in employment did some work at home, and of those 86% did so as a result of the coronavirus.
“We are experiencing unprecedented demand,” comments Pierre Lindmark, CEO, who co-founded Winningtemp in Gothenburg in 2014. “We have a strong competitive edge given our AI and science-based approach. Employee engagement is only going to grow in importance, with companies coming out on top over competitors because of their approach to culture and by building a team of people who feel passionate about who they work for. Frog Capital and Bonnier Ventures have really understood this and will be a great support with our next phase of expansion.”
“Keeping your high-quality talent motivated and effective is now acknowledged as mission critical,” adds Shirin Dehghan, Frog Capital Operating Partner. “Winningtemp has an awesome product at exactly the right time. I am honoured to have been asked to Chair the board in the interim to help navigate the company’s ambitious global expansion.”
Winningtemp offers the market’s most advanced solution for managing and optimising human resources and workflows in any type of organisation. Based on more than 600 scientific studies, the company’s AI-based platform helps managers and business leaders visualise employees’ behaviour and development in real-time, which is increasingly important in organisations working remotely. The solution providers predictions and recommendations as well as real-time insights, helping strengthen engagement, improve performance and increase productivity.
After using Winningtemp for just one year, customers, on average, have reported: 30% less staff turnover; 26% fewer reports of negative stress in the workplace; and 21% increase in employee satisfaction, combined with other tangible improvements on key metrics of importance to the individual customers.
Victor Bodin, Investment Director at Bonnier Ventures adds: “The Winningtemp team has really impressed us. They have built a leading product offering which we think is right on target for the modern company. At the same time, they’ve managed to grow their business at high rates and in a capital-efficient way. We are pleased to partner with the team in helping them to scale up their business internationally from a strong Nordic base.”
Winningtemp was founded in Gothenburg, Sweden, in 2014 by Pierre Lindmark and Mathias Hansson-Fredlund. The company currently holds 60 employees across four offices in Gothenburg, Stockholm, Oslo and London. Winningtemp is derived from ‘winning temperature’, which means a company having the optimal temperature for success. For more information visit www.winningtemp.com.
About Frog Capital
Frog is a specialist software scale-up investor providing growth equity & operational expertise to Europe’s high growth entrepreneurially led companies.
Following the recent completion of its 3rd profitable exit in the past 18 months (Mediatonic - May 2019, EDITED - March 2020, Skimlinks - May 2020) Frog remains highly active on new deals and its portfolio companies, including Modulr & SHE Software in the UK, Sellics and McMakler in Germany and Vulog in France. Further information available at www.frogcapital.com.
About Bonnier Ventures
Bonnier Ventures is the venture capital arm of Bonnier Group, a holding company fully owned by the Bonnier family.
Bonnier Ventures targets significant minority shareholdings in technology businesses in the early stages of scaling up, typically making initial investments around SEK 20-60 million (USD 2-6 million). Bonnier Ventures works closely with their portfolio companies and provides active support as they scale up. The portfolio currently includes 16 companies such as Acast, Natural Cycles and Resolution Games. Read more on www.bonnierventures.com.
For further information, please contact:
Founder & CEO, Winningtemp
Streamline your employee experience and drive organisation-wide growth with Winningtemp’s AI-based, intuitive platform. Winningtemp offers the market’s most advanced solution for managing and optimising human resources. Based on more than 600 scientific studies, our innovative platform helps leaders visualise employees’ development in real-time and act on insights that strengthen engagement and improve performance.