YOOBIC raises $50M in Series C funding from Highland Europe

SaaS News -Yoobic-raises-$50M-for-its-chat-and-communications-app-aimed-at-frontline-and-service-workers(source: SaaS Industry)
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YOOBIC has raised $50M in Series C funding from Highland Capital to continue its growth, increase its headcount to 350 by 2020 by hiring across technology, sales and engineering, and enhance its R&D efforts to cement its position as a leader in the market

YOOBIC, an all-in-one digital workplace platform for the deskless workforce, has closed its Series C funding, raising $50 million from Highland Europe, which backs software and consumer tech companies, a press release from YOOBIC said.

YOOBIC’s Series B was in 2018, where it netted $25 million from Insight Partners. With the close of Series C, the total amount raised by YOOBIC to date has crossed $80 million. The company’s existing investors – Felix Capital, Insight Partners, and a single-family office advised by BNF Capital Limited- participated in this funding round.

YOOBIC, founded in 2014, provides business leaders and frontline teams with the necessary performance tools to learn and communicate seamlessly in organizational workflows. Its app offers retail associates, restaurant staff, field workers, and frontline employees a single centralized mobile hub to support their daily task management, deliver digital training, and seamlessly communicate with peers.

Fabrice Haiat, co-founder and CEO of YOOBIC, stressed the company’s mission of shaping the future of work for deskless workforce and added that the funding would consolidate the company’s position to turn a global market leader for frontline teams and help brands to ensure that their employees feel connected, fulfilled and valued to become leaders in the future.

YOOBIC added that the proceeds from the funding would be used to fund its continuing growth, with an increase in headcount by 75 percent, taking its total workforce to 350 by 2022 by hiring technology, sales, customer success and marketing talents. It aspires to accelerate growth in North America and turbocharge its R&D efforts in data intelligence and predictive insights to develop services for frontline employees in various sectors.

Jean Tardy-Joubert, a general partner at Highland Europe, who will now join the YOOBIC Board, expressed delight at partnering with YOOBIC and stated that the company had established itself as a leader in the digital workspace with significant growth and market traction.

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

Jean Tardy-Joubert, a general partner at Highland Europe
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