Peakon, the people analytics company, raises $22m for global expansion
- The round was led by Balderton Capital, with participation from existing investors EQT Ventures, Idinvest, and Sunstone
- Balderton Managing Partner Bernard Liautaud to join board
- Peakon will invest in expansion to US, Germany, and APAC
Peakon, the London and Copenhagen based people analytics company, announces the completion of its latest funding round of $22M. The round was led by Balderton Capital, with participation from Peakon’s existing investors the EQT Ventures fund (“EQT Ventures”), Idinvest Partners, and Sunstone.
Since launching in early 2016, Peakon has been rapidly adopted by hundreds of enterprise clients, such as Capgemini, BMW, and Maersk. Peakon creates tangible improvements to employee engagement and retention through insights delivered via its SaaS platform. The service collects and analyses employee feedback from web and mobile apps, then uses machine learning to understand what motivates employees, what problems they have, and how those problems can be fixed.
Peakon – founded by Phil Chambers, Kasper Hulthin, Dan Rogers and Christian Holm in January 2015 – now operates globally, including from offices in the UK, Denmark, US, Germany, and New Zealand – and expects to double its headcount over the next 12 months to more than 180 people. This rapid growth has been fuelled by its emergence as a leading provider of employee engagement and people analytics software – which Deloitte estimates is already a $1bn market.
Phil Chambers, co-founder and CEO of Peakon said: “We’ve taken huge steps forward across the whole business in the last twelve months – rounding out the team with senior hires, driving product satisfaction to record levels, increasing revenue by over 600%, and launching in several new markets – and felt like this was time to double down on our global expansion. Not only have we established ourselves as a leader in the people analytics market, we’ve also emerged as one of the fastest growing SaaS startups in Europe. Adding Bernard to the board is a game-changer, as founder of Business Objects he’s one of Europe’s most successful enterprise software entrepreneurs, and he’ll give us the expertise to cement Peakon’s position as a global leader in the market.”
Bernard Liautaud, Managing Partner at Balderton Capital said: “Peakon is a great product that has been going from strength to strength, driven by an exceptional team. People analytics will transform the world of work in the next decade and Peakon is well positioned to benefit. I’m very excited to be joining the board and look forward to helping them achieve even greater success.”
Lars Jörnow, Partner and investment advisor to EQT Ventures, said: “Teams and workplace culture are vital to a business’ success and Peakon’s continuous approach to employee feedback gives companies the opportunity to make real-time changes to improve performance. The company’s rapid growth and the fact it’s now used by enterprise clients worldwide demonstrates the increasing importance of employee engagement to top performing companies. The EQT Ventures team is looking forward to supporting Peakon through its next phase of growth.”
Founded in January 2015 by Kasper Hulthin (Podio – acquired by Citrix), Christian Holm (Podio), Phil Chambers (Gumtree – acquired by eBay, Qype – acquired by Yelp, Podio), and Dan Rogers (Qype, Songkick), the Peakon team has a track record of building some of Europe’s most successful technology startups.
Peakon’s mission is to impact the world’s productivity and happiness by using data to create meaningful understanding between employees and their companies. Peakon is a privately held company with offices in Copenhagen, Denmark; London, UK; and Berlin, Germany. Peakon works with hundreds of leading enterprises, including Trinity Mirror, Secret Escapes, LHH Penna (part of the Adecco group), World First, Lombard Risk Delivery Hero, BMW, Urban Airship, and Capgemini.
About Balderton Capital
Balderton Capital is Europe’s largest early stage venture capital investor, focused on European technology companies at Series A. Based in London, the firm manages $2.6bn and invests in entrepreneurs building globally ambitious businesses. Balderton’s Partners and advisory team include the founders and operational leaders of multi-billion dollar companies including Business Objects, Dropbox, Uber and Autonomy. Previous investments include Betfair (FTSE: BET), Magic Pony (Twitter), NaturalMotion (Zynga), Sunrise (Microsoft) and Yoox Net-a-Porter (BIT: YNAP). Among Balderton’s current portfolio of 76 companies are: Aircall, Carwow, Citymapper, Contentful, GoCardless, The Hut Group, Kobalt Music, Nutmeg, Prodigy Finance, Recorded Future, Revolut, ROLI, SOPHiA Genetics, Talend (NASDAQ: TLND), Vestiaire Collective, and Vivino.