WorkAngel, a London startup with an employee recognition and reward platform, has caught the eye of ex-Tesco CEO Sir Terry Leahy and BBC Worldwide CEO Tim Davie.
The company – founded by Jamie True, who sold his last startup, Grapple, to Monetise for £33 million ($50 million) in 2013 – announced yesterday that it has raised £3.3 million ($5 million) as it prepares to bring its platform out of a one-year beta trial in February, before expanding it to the US later in the year.
The platform allows firms to reward their employees with discounts and cashback at various retailers through private, company-specific social networks.
WorkAngel has partnered with over 1,200 online retailers and 6,000 UK restaurants, including Amazon, Apple, Groupon, Nike, Marks and Spencer and House of Fraser.
“The voluntary benefits market has been unchallenged for over a decade,” said True.
“During that time technology has fundamentally re-written what can be achieved in the space. WorkAngel deploys the latest mobile technology to drive structural increases in the number of engaged, productive employees, offering a system of recognition and reward that’s both easy and incredibly cost-effective to implement and manage.”
Recent research from Gallup revealed that nearly 90 percent of workers globally are “not engaged” in their jobs but WorkAngel hopes to change this.
True added: “We believe WorkAngel is the first genuinely 21st Century Voluntary Benefits solution; drawing on the advances and learning’s from technology and social media over recent years to create a product that’s faster, cheaper, easier and, just as importantly, more fun and engaging to use. Our point-of-difference is that we are a technology company operating in the Voluntary Benefits space – not a Benefits company attempting to keep pace with technology.”
Leahy was the lead investor in the series A funding round, while Davie has been appointed to the WorkAngel board.
The news that Leahy was the lead investor in WorkAngel comes less than a week after he was named as the lead investor in Purple WiFi's £3.3 million ($5 million) funding round.