Singapore startup EngageRocket, which provides real-time employee engagement and analytics solutions to enterprises, has secured US$640,000 in fresh funding led by local investor SeedPlus, with participation from seed-stage investor Found.Ventures.
Other investors from its previous round, including former JobCentral Co-founder Huang Shao-Ning, also co-invested.
With this, EngageRocket’s total external investment so far has touched US$1 million.
Launched in 2016 by Dorothy Yiu and Leong CheeTung (former regional heads at American research and consulting company Gallup), EngageRocket automates employee feedback and analytics to deliver management insight that improves employee experience and performance.
With its ’employee engagement pulse’ module, users can monitor the employee experience in real-time, analysing trends and response to policy and management changes. Also, with its ‘360 performance feedback module’, users can analyse performance across important leadership skills, and correlate them with employee loyalty and engagement.
According to founders, this allows users to build a live business case for keeping workers happy while developing their skills.
In the last 12 months, EngageRocket has expanded to analysing data from 13 countries in Asia Pacific, which is seeing the fastest growth in the people analytics market at almost 20 per cent annually, driving a market that is tipped to reach US$1.87 billion by 2025.
EngageRocket’s partners include SP Group, Bank Danamon, Mediacorp, Tokopedia, and Shopback.
“We spend more than half our waking lives at work,” said Co-founder and CEO Leong. “Asian companies employ 60 per cent of the global labour force today, and will contribute 40 per cent of global GDP by 2030. We’re very excited by our mission to use analytics to improve the lives of so many, and create real economic value.”
“I’m most excited about the application of data and technology to solve problems at scale. In Asia, there exist huge gaps in understanding human capital and relevant data to enable people managers and leaders to build better companies,” said Tiang Lim Foo, Operating Partner at SeedPlus.