Connect with us

Start Ups

Internal Talent Marketplace Gloat Raises $57M Series C From Accel

Published

on

New York-headquartered Gloat, an internal talent marketplace for employers, closed its $57 million Series C led by Accel with existing investors Eight Roads, Intel Capital, Magma Venture Partners and PICO Partners participating. The company has raised a total of close to $92 million since its founding in 2015, per Crunchbase data. 

Subscribe to the Crunchbase Daily

We spoke with Ben Reuveni, Gloat co-founder and CEO. The company started out with a platform to help individuals get their next job with offers that match their experience. They found that “fifty percent of the time the next step of an individual could be within the company.” 

This was an ah-ha moment for the team. They decided to build an internal marketplace and tested the product with a few key customers, officially launching the new product mid-2019. 

Gloat’s first customers were Unilever and Schneider Electric. Other customers followed including Standard Chartered, Seagate, Nestlé, and HSBC. The service onboards employees on one side and hiring managers on the other. Across its customers it finds 80 percent to 85 percent of employees complete profiles. 

We spoke with Unilever’s VP of Future of Work Paddy Hull about the impact of a company like Gloat. In 2017, he said Unilever was thinking “how do we better unlock this matching of great talent and skills to emerging opportunities in the organization.” Unilever has 149,000 employees in over 190 countries. Previously the process was more ad-hoc through talent forums. “It wasn’t as quick or effective or as efficient as it could be,” said Hull.

In order to make sure employees have a future fit skill set, Unilever introduced flexible work allowing team members to work on other projects 20 percent of the time to build skills and grow their career through the platform. 

Unilever CEO Alan Jope acknowledged the benefits in their 2020 fourth quarter earnings call earlier this year:

“Our FLEX platform [powered by Gloat], for example, has helped us just in the last year to reprioritize 500,000 worker hours towards more than 3,000 business-critical projects and has enabled many employees to choose flexible employment models that suit their personal life choices.”

The investor POV

London-based Philippe Botteri, who led the investment on behalf of Accel, acknowledged that “The world has evolved to more marketplaces, and there is a reason for that, because marketplaces give you a much deeper reach.” Botteri has made only three investments in HR cloud technologies over his 15 year investing career. The first was Cornerstone while he was at Bessemer Venture Partners in 2007, the next PeopleDoc in 2014. 

Botteri acknowledged that it’s hard to create a new category in HR. 

Botteri had been watching the company for a while, and when they pivoted to an internal marketplace he thought, “it totally makes sense.” He added, “this is the best way to enable all employees to have access to the same opportunities, and it’s the best way for the company to find the best talent for these opportunities.”

The service is priced as a SaaS model with a per-employee fee and an annual fee. The company at a very early stage has been able to sign very large contracts with global companies as the product impacts every single employee, “the value they can unlock is massive,” according to Botteri. 

Reuveni confirmed that the funding was competitive and closed within three months. The company has 117 employees and plans to double that number. 

Feature photo of Gloat co-founders Amichai Schreiber, Ben Reuveni and Danny Shtainberg from left to right, and product image courtesy of Gloat. 

Blogroll illustration: Dom Guzman

Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://news.crunchbase.com/news/internal-talent-marketplace-gloat-raises-57m-series-c-from-accel/

Start Ups

Telehealth giant Amwell to acquire Portland healthtech startup Conversa

Published

on

National telehealth provider Amwell said it will acquire Portland, Ore.-based healthtech startup Conversa and SilverCloud Health.

Conversa, founded in 2014, sells platforms tailored to different medical conditions that allow medical teams to communicate with patients remotely. The company raised $8 million at the beginning of this year, after COVID-19 generated increased need for the service.

Conversa also helps medical providers automate text-based conversations and other administrative tasks before, during and after patients check in to medical care.

Amwell said it will use Conversa’s patient profiling and engagement tools to boost client experience and outcomes.

Murray Brozinksy, CEO of Conversa Health, said the deal will help “usher in the hybrid care delivery model of the future.”

Amwell said it paid approximately $320 million in stock and cash to acquire Conversa and SilverCloud, a digital platform that caters to mental healthcare. The transaction is expected to close at the end of the third quarter.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.geekwire.com/2021/telehealth-giant-amwell-acquire-portland-healthtech-startup-conversa/

Continue Reading

Crunchbase

Egyptian ride-sharing company Swvl plans to go public in a $1.5B SPAC merger

Published

on

Cairo and Dubai-based ride-sharing company Swvl plans to go public in a merger with special purpose acquisition company Queen’s Gambit Growth Capital, Swvl said Tuesday. The deal will see Swvl valued at roughly $1.5 billion.

Swvl was founded by Mostafa Kandil, Mahmoud Nouh and Ahmed Sabbah in 2017. The trio started the company as a bus-hailing service in Egypt and other ride-sharing services in emerging markets with fragmented public transportation.

Its services, mainly bus-hailing, enables users to make intra-state journeys by booking seats on buses running a fixed route. This is pocket-friendly for residents in these markets compared to single-rider options and helps reduce emissions (Swvl claims it has prevented over 240 million pounds of carbon emission since inception).

After its Egypt launch, Swvl expanded to Kenya, Pakistan, Jordan and Saudi Arabia. The company also moved its headquarters to Dubai as part of its strategy to become a global company.

Swvl offerings have expanded beyond bus-hailing services. Now, the company offers inter-city rides, car ride-sharing, and corporate services across the 10 cities it operates in across Africa and the Middle East.

Queen’s Gambit, the women-led SPAC in charge of the deal, raised $300 million in January and added $45 million via an underwriters’ overallotment option focusing on startups in clean energy, healthcare and mobility sectors.

The statement also mentions a group of investors — Agility, Luxor Capital and Zain Group — which will contribute $100 million through a private investment in public equity, or PIPE.

Per Crunchbase, Swvl has raised over $170 million. From an African perspective, Swvl features as one of the most venture-backed startups on the continent. The company has been touted to reach unicorn status in the past and will when this SPAC merger is completed.

The company will aptly trade under the ticker SWVL. The listing will make it the first Egyptian startup to go public outside Egypt and the second to go public after Fawry. It will also make the mobility company the largest African unicorn debut on any U.S.-listed exchange, beating Jumia’s debut of $1.1 billion on the NYSE. Swvl joins music-streaming platform Anghami as the second startup in the region to go public via a SPAC merger in the Middle East.

Swvl had annual gross revenue of $26 million in 2020, according to the statement, and the company expects its annual gross revenue to increase to $79 million this year and $1 billion by 2025 after expanding to 20 countries across five continents.

On why Queen’s Gambit picked Swvl for this deal, Victoria Grace, founder and CEO, said in a statement that the company fit the profile of what she was looking for: “a disruptive platform that solves complex challenges and empowers underserved populations.”

“Having established a leadership position in key emerging markets, we believe Swvl is ready to capitalize on a truly global market opportunity,” she added.

In May, TechCrunch wrote that SPACs didn’t target African startups for several reasons, including a lack of global appeal and private capital and market satisfaction. Judging by Grace’s comments, Swvl has that global appeal and is ready to venture into the public market despite being in operation for just four years.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://techcrunch.com/2021/07/28/egyptian-ride-sharing-company-swvl-plans-to-go-public-in-a-1-5b-spac-merger/

Continue Reading

Crunchbase

Egyptian ride-sharing company Swvl plans to go public in a $1.5B SPAC merger

Published

on

Cairo and Dubai-based ride-sharing company Swvl plans to go public in a merger with special purpose acquisition company Queen’s Gambit Growth Capital, Swvl said Tuesday. The deal will see Swvl valued at roughly $1.5 billion.

Swvl was founded by Mostafa Kandil, Mahmoud Nouh and Ahmed Sabbah in 2017. The trio started the company as a bus-hailing service in Egypt and other ride-sharing services in emerging markets with fragmented public transportation.

Its services, mainly bus-hailing, enables users to make intra-state journeys by booking seats on buses running a fixed route. This is pocket-friendly for residents in these markets compared to single-rider options and helps reduce emissions (Swvl claims it has prevented over 240 million pounds of carbon emission since inception).

After its Egypt launch, Swvl expanded to Kenya, Pakistan, Jordan and Saudi Arabia. The company also moved its headquarters to Dubai as part of its strategy to become a global company.

Swvl offerings have expanded beyond bus-hailing services. Now, the company offers inter-city rides, car ride-sharing, and corporate services across the 10 cities it operates in across Africa and the Middle East.

Queen’s Gambit, the women-led SPAC in charge of the deal, raised $300 million in January and added $45 million via an underwriters’ overallotment option focusing on startups in clean energy, healthcare and mobility sectors.

The statement also mentions a group of investors — Agility, Luxor Capital and Zain Group — which will contribute $100 million through a private investment in public equity, or PIPE.

Per Crunchbase, Swvl has raised over $170 million. From an African perspective, Swvl features as one of the most venture-backed startups on the continent. The company has been touted to reach unicorn status in the past and will when this SPAC merger is completed.

The company will aptly trade under the ticker SWVL. The listing will make it the first Egyptian startup to go public outside Egypt and the second to go public after Fawry. It will also make the mobility company the largest African unicorn debut on any U.S.-listed exchange, beating Jumia’s debut of $1.1 billion on the NYSE. Swvl joins music-streaming platform Anghami as the second startup in the region to go public via a SPAC merger in the Middle East.

Swvl had annual gross revenue of $26 million in 2020, according to the statement, and the company expects its annual gross revenue to increase to $79 million this year and $1 billion by 2025 after expanding to 20 countries across five continents.

On why Queen’s Gambit picked Swvl for this deal, Victoria Grace, founder and CEO, said in a statement that the company fit the profile of what she was looking for: “a disruptive platform that solves complex challenges and empowers underserved populations.”

“Having established a leadership position in key emerging markets, we believe Swvl is ready to capitalize on a truly global market opportunity,” she added.

In May, TechCrunch wrote that SPACs didn’t target African startups for several reasons, including a lack of global appeal and private capital and market satisfaction. Judging by Grace’s comments, Swvl has that global appeal and is ready to venture into the public market despite being in operation for just four years.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://techcrunch.com/2021/07/28/egyptian-ride-sharing-company-swvl-plans-to-go-public-in-a-1-5b-spac-merger/

Continue Reading

Start Ups

Microsoft acquires Seattle startup Suplari, which uses AI to analyze corporate spending

Published

on

Suplari co-founders Jeff Gerber, Brian White, and Nikesh Parekh. (Suplari Photo)

Microsoft has acquired Suplari, a Seattle startup that uses artificial intelligence to help companies understand and get a handle on their spending.

Founded in 2016, Suplari analyzes procurement and spending data flowing into various enterprise systems. It can provide recommendations for cost savings, risk exposure, and other efficiency gaps. The software serves as an alternative to compiling data in an app such as Excel or Tableau and having a team of analysts comb through the information themselves. Suplari manages more than $180 billion in spend across millions of transactions per month.

Microsoft said it will pair Suplari with Microsoft Dynamics 365 “to help customers maximize financial visibility by using AI to automate the analysis of current data and historical patterns from multiple data sources.”

“Today’s announcement also signals our continued commitment to enabling organizations to move beyond transactional financial management to proactive operations that enhance decision making, mitigate risks, and reduce supplier costs through our data-first approach,” Microsoft vice president Frank Weigel wrote in a blog post.

Terms of the deal were not disclosed. Suplari said its “Suplari Spend Intelligence Cloud” will continue to remain available for existing customers.

Suplari is among a bevy of startups using artificial intelligence and machine learning to automate manual processes involving tons of data, and provide recommendations based on the computer-aided number crunching. There are several companies in Seattle applying similar technology in various industries, such as AttunelyLexionSigma IQ, and others.

Suplari had raised $18 million to date, according to PitchBook. Investors include Amplify Partners, Madrona Venture Group, Shasta Ventures, Two Sigma Ventures, and Workday Ventures.

The company was co-founded by Jeff Gerber, Brian White, and Nikesh Parekh, Suplari’s CEO.

Parekh is a real estate technology veteran who previously held leadership positions at Market Leader and Trulia. Gerber is a long-time engineering leader who co-founded startups including iConclude (acquired by Opsware and later by HP) and helped lead Apptio’s machine learning and intelligent app development. White worked with Gerber at iConclude as an early employee and did stints at Amazon Web Services and Skytap.

Parekh said Microsoft and Suplari have had partnership discussions over the past several years.

“Given Microsoft’s AI, cloud and data investments, customers can expect that Suplari will continue to deliver more AI-driven, predictive & prescriptive insights and integrated workflows for finance, procurement, & supply chain teams,” he wrote in a blog post.

The deal is the latest in a string of IPOs, fundings, and acquisitions across the Seattle startup ecosystem. Earlier this week Seattle startup Algorithmia was acquired by DataRobot.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.geekwire.com/2021/microsoft-acquires-seattle-startup-suplari-uses-ai-analyze-corporate-spending/

Continue Reading
Aviation5 days ago

Legendary F-14 Pilot Dale ‘Snort’ Snodgrass Dies In A Tragic Plane Crash

watch-live-russias-pirs-module-set-to-depart-space-station-today.jpg
Aerospace4 days ago

Watch live: Russia’s Pirs module set to depart space station today

AR/VR1 day ago

Review: Winds & Leaves

Esports5 days ago

Genshin Impact Sacred Sakura Cleansing Ritual Quest Guide

Esports5 days ago

Genshin Impact Sacrificial Offering: How to Complete

Esports4 days ago

Best bot lane Pokémon on Pokémon UNITE

Esports4 days ago

League of Legends Wild Rift Patch 2.4 Release Date

Energy4 days ago

NexGen Announces Commencement of 2021 Field and Regional Exploration Drilling Programs at the Rook I Property

Blockchain5 days ago

Ethereum 2.0 Exceeds 200K Validators, Has 6.6 Million ETH in Staking

Crowdfunding5 days ago

Digital Asset Firm Kraken Releases Report on Benefits of Centralized Finance Platforms Amid DeFi Boom

Aviation5 days ago

RAAF Globemaster ‘weaving between’ Brisbane skyscrapers goes viral

Energy4 days ago

Nowa umowa partnerska Shanghai Electric zawarta podczas WAIC 2021 doprowadzi do rozwoju i przemiany wielu branż dzięki transformacji cyfrowej

Blockchain4 days ago

Ethereum Inventor Debuts As An Actor? Joins Mila Kunis In NFT-Based Show

Esports4 days ago

TFT Set 5.5 11.15 B-patch nerfs Hecarim, Lucian, and Irelia

Crowdfunding5 days ago

Tezos (XTZ) Trading Support Added by Digital Asset Firm Gemini, but Not Yet Offering Custody for Tez

Fintech4 days ago

Finding the right balance with hybrid client experiences

Energy4 days ago

Specialty Tapes Market worth $67.2 Billion by 2026 – Exclusive Report by MarketsandMarkets™

Energy4 days ago

SOL: Sasol Limited – Production And Sales Metrics And Financial Results For The Year Ended 30 June 2021

Esports3 days ago

Legends of Runeterra adding new Lab of Legends mode: The Saltwater Scourge

Fintech5 days ago

Aurion Biotech Announces IOTA Cell Therapy Trial

Trending