News & Analysis

Melbourne startup Culture Amp raises US$10 million Series B round to push European expansion

- March 8, 2016 2 MIN READ

Melbourne employee engagement startup Culture Amp has announced the closing of a US$10 million Series B round, led by existing investors Index Ventures with participation from Blackbird Ventures and Felicis Ventures. Ilya Fushman, General Partner at Index Ventures will be joining the startup’s board of directors.

The startup, which counts companies including Etsy, Airbnb, and Eventbrite as clients, will put the funding towards the launch of advanced analytics features and expansion into Europe; the startup is set to open an office in London later this month.

With Culture Amp having last raised $6.3 million last March, this round brings the total raised by the startup to date since its founding in 2009 to US$16.3 million. Last year’s Series A allowed the startup to open an office in San Francisco and triple its size, adding clients like Slack to its client base.

Didier Elzinga, Culture Amp CEO and cofounder, said that the company’s competitive advantage is simply its people.

“We are making sophisticated people analytics not only accessible, but effective, for all companies. Companies don’t just need more data, they need the right data, and we are building the industry’s leading platform for collecting and connecting relevant insights to understand what drives their people and culture,” he said.

The startup describes itself as the world’s first ‘culture-first’ software company; rather than employee surveys focused on team performance and communication, Culture Amp aims to give employers and managers insights into employee satisfaction and motivation in order to help them transform and maintain a positive company culture.

With plans starting at $3000 per year for businesses with 50 to 200 employees through to enterprise plans starting at $20,000 a year, the startup can work with companies to prepare customised surveys for their workforce, helping them define what insights they want to gain.

By combining psychology, engineering, and user experience design, Culture Amp aims to ensure that employees are answering the right questions – and answering all of them.

Index Ventures’ Fushman, who has previously worked at Dropbox, said, “Having seen first-hand the positive impact of their data-driven approach at Dropbox, as well as their phenomenal growth among leading retail, hospitality, media and professional services clients, I am excited to be an investor and see Culture Amp’s impact on employee happiness.”

Image: The Culture Amp team.