The Series A round, funded by Level Equity, will enable WorkHound to grow its employee roster and introduce its real-time worker feedback platform to more supply chain markets.
Today we are excited to announce that WorkHound, a leader in the employee feedback management space, has successfully completed a $12 million Series A fundraising round.
The capital, funded wholly by Level Equity, a New York-based growth equity firm, will be used by WorkHound to continue to serve employees of the supply chain. This funding will help us do it faster and better by increasing our employee headcount, expanding our current product offerings, and growing our presence in trucking and additional supply chain verticals.
“Since our 2015 launch, we’ve been able to leverage modest financial investments into sustainable business wins. This is, by far, our most substantial fundraise, and we are well-positioned to use it for our most explosive growth to date,” said Max Farrell, WorkHound CEO. “The timing is perfect to partner with Level Equity. We have a proven business model, our current clients in the trucking industry are using our technology to build stronger, revenue-boosting feedback loops, and businesses in almost every supply chain market are craving the benefits WorkHound can help deliver.”
In short: With a 95% turnover average in the trucking industry, there’s an urgent need for quick intervention in supply chain employee turnover. This investment equips WorkHound to step up to the plate to act fast.
The fundraising round is backed by Level Equity, a growth equity firm that invests globally in outstanding middle-market software and tech-enabled businesses.
“When it comes to leadership and team talent, scalability, and impact potential, WorkHound is the exact type of business we want to call a partner,” said Sarah Sommer, co-founding partner at Level Equity. “They’ve already been able to experience impressive successes by delivering undeniable value to their clients, and we are excited to see how our partnership will help propel them to even greater heights.”
WorkHound was founded in 2015 by Max Farrell and Andrew Kirpalani in Des Moines, Iowa, before adding a second headquarters in Chattanooga, Tennessee. What we knew then, and continues to be more relevant now, is that workers feel distant from the daily decisions that are made on their behalf, they feel like their voice isn’t being heard, and the result of this communication gap is high turnover across multiple industries of dispersed workforces.
But our belief is that a bridge is possible for this communication gap and so, WorkHound has helped companies across the trucking industry turn around their turnover and give their company cultures an overhaul.
Since those early days, WorkHound has grown to serve more than 80 companies and nearly 75,000 drivers. Today, WorkHound resolves communication concerns for companies in both the United States and Canada, powered by a fully remote team in every timezone.
The WorkHound platform enables employers to receive instant and anonymous workforce feedback so management can quickly address urgent matters as part of their employee retention efforts. While our initial efforts have been focused on the trucking industry as driver turnover is a significant pain point experienced across that entire industry.
As employee retention needs have spread into additional supply chain markets, The WorkHound platform and data-backed insights are applicable for various workforces across multiple industries.
For additional WorkHound information, please visit: https://workhound.com/
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WorkHound was founded with the mission of helping people love the work they do. Built specifically for the frontline workforce, WorkHound has given thousands of employees a voice with a real-time, anonymous feedback platform. Through insightful analytics that hone in on business issues, WorkHound has helped companies of all sizes retain frontline workers, boost profitability, and save money. Initially launched in the trucking industry where the average driver turnover rate is 95 percent, WorkHound has expanded its platform to support real-time feedback for all frontline and distributed workers.
About Level Equity:
Level Equity is a private investment firm focused on providing capital to rapidly growing software and technology-enabled businesses. Level provides long-term capital across all transaction types in support of continued growth. The firm has raised $3.0 billion in committed capital and has made over 90 investments since its inception. For more information, visit https://www.levelequity.com/