YOOBIC Raises $50M Series C to Transform Workplace Experience for Frontline Employees
NEW YORK, July 22, 2021 /PRNewswire/ -- YOOBIC, the all-in-one digital workplace for frontline teams, today announced closing a $50M Series C funding round led by Highland Europe, a growth-stage investment firm that backs software and consumer technology companies with sizable revenue growth and proven market adoption. Existing investors Felix Capital, Insight Partners, and a single family office advised by BNF Capital Limited also participated in the round.
With $80M in total fundraising since inception, YOOBIC's industry-leading all-in-one digital workplace is the first full-service software platform designed for frontline teams. Its scalable and user-friendly app gives retail associates, restaurant staff, fieldworkers, and all types of frontline employees a single centralized mobile hub to support their daily task management, deliver digital training, and enable seamless communication with peers, supervisors, and HQ.
That's a gamechanger for the world's 2.7 billion deskless workers, who currently make up 80% of the global workforce. Despite making invaluable contributions during the pandemic, frontline workers remain underserved, with only 1% of IT spending currently targeting deskless employees. Tech enablement for frontline workers is more important than ever in the post-pandemic environment, as businesses resume in-person operations and scale up to support the reopening economy, while navigating the compounding challenges of staffing shortages and post-COVID financial pressures. To overcome such challenges, businesses need to ensure consistent and efficient execution, streamlined communication, and improved training and upskilling for their essential frontline employees.
YOOBIC is already helping more than 300 top brands across 80 countries to give frontline workers the digital support they need to succeed at over 335,000 locations spanning retail, hospitality, distribution, manufacturing, and more. Operations, HR, and L&D leaders at iconic companies including Boots, Carrefour, Lancôme, Lacoste, Logitech, Lidl, Peloton, Puma, Vans, VF Corp, and Sanofi all rely on YOOBIC to drive operational efficiency, achieve network-wide performance consistency, and upskill their frontline workforce.
YOOBIC closed out Q1 2021 by signing new high-profile clients including Untuckit, Roots, Canada Goose, Longchamp, Lidl, Zadig & Voltaire, and Athletico — a sign of the growing need for frontline worker enablement. Overall, YOOBIC's platform has seen a 200% increase in activities conducted natively in the app in the last 12 months, everything from chats and videos to digital task completion and virtual training lessons. In March 2021, YOOBIC rached the milestone of 1 million activities per month on the platform.
The Series C round will support YOOBIC's continuing growth, including a 75% increase in headcount to bring the company's global workforce to 350 by 2022, with a focus on bringing on tech, sales, customer success and marketing talents. As YOOBIC continues to consolidate its market leadership in EMEA and accelerating growth in North America, the investment will also turbocharge the company's R&D efforts, particularly in data intelligence and predictive insights, and enable them to develop services for frontline employees in sectors such as manufacturing, warehousing, and transportation.
"We're excited to partner with YOOBIC, which, thanks to the highly impressive team led by Fabrice, Avi and Gilles, has clearly established itself as a leader in the digital workplace space with demonstrable market traction and impressive growth," said Jean Tardy-Joubert, Partner at Highland Europe, who will be joining the YOOBIC Board. "While companies have historically focused on digital investments for deskbound employees, the world is becoming distributed and decentralized. We anticipate a seismic shift that will see huge resources, technology, and capital shifted toward frontline teams."
"YOOBIC's mission is to shape the future of work for the deskless workforce," said Fabrice Haiat, CEO and co-founder of YOOBIC. "They are essential to business success: they are the brand ambassadors of their organization, and are responsible to keep or break the company mission. This funding will consolidate YOOBIC's position as a global market leader for frontline teams, helping brands to ensure all their employees feel connected, fulfilled, and valued to become the leaders of tomorrow."
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