Employee engagement platform WorkBizz has raised £1.5 million in an investment round from from its existing backers Mercia and Foresight, both of which invested via the Midlands Engine Investment Fund (MEIF), alongside funding from private investors.
The Milton Keynes-based company has more than doubled the size of its team since the original investment in March 2021, and now employs 35 staff, with plans to create an additional 15 jobs by the end of the year. Revenue has also more than doubled to £2m, while annual recurring revenue is continuing to grow by around eight per cent a month.
The latest funding will enable WorkBuzz to expand its sales and marketing team and ‘internationalise’ the platform, by adding new features and languages in preparation for further expansion, having already attracted a range of new clients in Australia. The company is planning a Series A fundraising in 2023.
WorkBuzz was launched in 2018 by Steven Frost who had previously run an employee engagement consultancy. It is now used by clients including Shell Energy, Premier Foods, HS2, Hovis and restaurant chain Five Guys.
