ContactMonkey, the internal email communications platform, has successfully completed a Series A investment round, securing a significant $55 million from Updata Partners, a renowned growth equity firm. This funding milestone is a testament to ContactMonkey’s commitment to revolutionizing internal corporate communications and engagement.

The Growing Importance of Employee Engagement

In an era where employee engagement is of paramount importance to enterprises, this investment couldn’t have come at a better time. Recent reports have underlined the significance of fostering a productive and engaged workforce. According to the BBC, a staggering 59% of global workers report being disengaged at work, a phenomenon often referred to as “quiet quitting.” Furthermore, a Gallup report reveals that disengaged employees impose a substantial cost on the global economy, amounting to approximately $8.8 trillion.

Scott Pielsticker, CEO, and Founder of ContactMonkey, emphasized the need for companies to enhance their internal communications to promote collaboration, transparency, and engagement, especially in the context of remote work setups. Pielsticker expressed enthusiasm about partnering with Updata Partners to further expand their teams and solutions, recognizing the critical role internal communications play in a company’s success.

ContactMonkey’s Journey to Success

Founded by Scott Pielsticker in 2010, ContactMonkey has followed a remarkable trajectory. The company, which was initially bootstrapped, has achieved profitability and impressive growth, boasting a 330% increase in the past three years while maintaining strong unit economics. The decision to secure this investment aligns with ContactMonkey’s ambition to scale rapidly and meet the surging demand for its communication solutions in the market.

A Versatile Solution for Modern Workplaces

In the ever-evolving landscape of the modern workplace, ContactMonkey stands as a comprehensive solution for connecting and engaging employees regardless of their location. The platform seamlessly integrates with popular email clients such as Microsoft Outlook and Gmail, in addition to SMS, Microsoft Teams, and Human Resource Information Systems (HRIS) like Workday, ADP, and SAP. This versatility empowers communicators to reach all corners of their organization promptly, ensuring the timely dissemination of crucial company announcements, life-saving alerts, and critical updates.

Empowering Employers with Analytics

ContactMonkey’s powerful engagement analytics enable users to create segmented employee lists, gather real-time feedback, and leverage detailed email metrics. These insights equip employers with a profound understanding of what resonates with their teams, enabling them to fine-tune their communication strategies for optimal engagement.

Expanding Horizons

The Series A funding from Updata Partners will enable ContactMonkey to accelerate its growth in key regions, including Canada, Europe, the United States, and Australia. Additionally, the company plans to expand its workforce significantly, with expectations to double its current 80 employees by 2024. This expansion will pave the way for ContactMonkey to introduce its solutions to new companies across various industries worldwide.

A Strategic Partnership

Updata Partners, renowned for aiding bootstrapped CEOs in scaling their businesses, recognizes the strategic value of ContactMonkey’s solutions in addressing the pressing issue of employee engagement. Braden Snyder, Partner at Updata, commended ContactMonkey’s impressive achievements as a bootstrapped company and expressed eagerness to collaborate with Scott Pielsticker and his team to extend the reach of their robust solutions on a global scale.

Strengthening the Board

As part of the investment agreement, Updata Partner Braden Snyder and Operating Partner Sloan Gaon will join ContactMonkey’s Board of Directors, contributing their expertise and insights to help shape the company’s future.

This Series A funding announcement follows a series of recent accolades for ContactMonkey. Deloitte recognized the company on its Fast 50 and Fast 500 lists, while The Globe and Mail ranked ContactMonkey among Canada’s Top Growing Companies.

TL;DR

• ContactMonkey secures $55 million in Series A funding from Updata Partners.
• Growing concern over employee engagement in the workplace.
• ContactMonkey aims to revolutionize internal corporate communications.
• Founded in 2010, ContactMonkey has achieved impressive growth.
• Versatile platform integrates with email clients, SMS, and HRIS.
• Powerful engagement analytics offer valuable insights.
• Expansion plans include Canada, Europe, the US, and Australia.
• Updata Partners acknowledges the strategic importance of ContactMonkey’s solutions.
• Updata Partners’ Braden Snyder and Sloan Gaon join ContactMonkey’s Board of Directors.
• Recent recognitions include Deloitte’s Fast 50 and Fast 500 lists and The Globe and Mail’s Top Growing Companies.