WorkJam announced the close of an oversubscribed $50 million USD Series C round led by top Canadian venture capital firm Inovia Capital, with participation from Fonds de Solidarité FTQ and Claridge Inc. All existing investors also participated in the round including Lerer Hippeau, Blumberg Capital, Harmony Partners and WorkJam's management team.
The latest funding round will allow WorkJam to continue to innovate, expand geographically, seek acquisitions, and invest in its employees — further solidifying its position in the market and advancing its mission to help businesses achieve breakthrough cost-savings and productivity increases while cultivating an engaged and motivated non-desk employee workforce.
In addition to this new capital, Inovia Capital's Growth Fund brings the deep operating expertise of its partners Dennis Kavelman and Patrick Pichette, former CFO's of BlackBerry and Google, respectively, as well as founder Chris Arsenault and the experience of Inovia's global team and network of advisors. Kavelman will be joining WorkJam's board of directors. With $1 billion under management, the Montreal, Canada headquartered firm invests in early and late-stage companies that align with the firm's values of enabling greater productivity, stronger communities and a healthier world.
"WorkJam's ability to meet the needs of the modern frontline workforce strongly aligns with our thesis for the future of work," said Kavelman. "Not only are we impressed with WorkJam's established leadership position versus other vendors in the high-growth employee engagement platform market, we're impressed with WorkJam's customer base, which includes some of the world's largest companies and most iconic brands. We believe that given the current environment, it has never been more clear that every company with a frontline workforce will require a digital workplace platform like WorkJam's, now, and into the future."
Currently, there are over 1.5 million frontline employees using WorkJam's Digital Workplace Platform across 35 countries, operating in 28 languages. Deployed across multiple industries, WorkJam's platform enables non-desk employees with scheduling capabilities, an open shift marketplace, task management, bi-directional communication between frontline and headquarters staff, mobile punching, training, surveys, and more into a unified set of mobile or desktop-based modules that can be deployed separately or together in as few as five days. With a history of working with mid-size and large enterprises, WorkJam has extensive experience in enabling communications and productivity improvements for frontline workforces, and has built into the platform its expertise and experience in compliance needs, work rules, workflows and best practices in optimizing employee engagement and cost-cutting.
"WorkJam's vision has always been to help a broad spectrum of businesses — from mid-sized companies to larger enterprises — improve the management and livelihood of their frontline workforces," said Steven Kramer, CEO and President of WorkJam. "We've always believed in the positive impact our technology has on non-desk workers and the business goals of the companies that employ them. Now, we can further accelerate the digital transformation of scheduling, training and communication processes at a time when there are profound changes taking place which impact non-desk workers and how businesses operate. We are pleased to further our partnerships with existing investors and Inovia, a leading fund with a great track record."
An upcoming Forrester Consulting Total Economic Impact™ (TEI) study commissioned by WorkJam highlights the potential return on investment (ROI) that organizations realize by deploying WorkJam's Digital Workplace Platform for frontline workers. The study found that organizations using WorkJam achieve payback on their investment in the solution in less than six months and a three-year return on investment (ROI) of 410%. The study concludes that for an example organization of 50,000 frontline workers this equates to cost-savings, productivity and employee retention improvements of over $30.5 million USD over three years.