WorkBuzz secures £6.2m funding to expand globally
WorkBuzz, an employee engagement platform based in Milton Keynes, has secured £6.2m of funding in a round led by YFM Equity Partners and featuring Foresight Group and Mercia. The investment will enable WorkBuzz to expand globally, build sales and marketing capabilities and introduce new technologies to clients. WorkBuzz offers businesses an engagement platform with real-time feedback analysis backed by artificial intelligence and employee culture consultancy. The platform is designed to help companies identify where to focus investment in order to improve employee retention. WorkBuzz launched in 2018 and serves over 400 organisations, including Five Guys, Shell Energy and HS2.
The importance of engaging employees has risen in priority, according to recent research by WorkBuzz, which reports that 74% of surveyed companies said they are tracking this metric.
The startup has almost doubled in size each year for the past two years and this investment marks its third round of funding backed by Foresight and Mercia since 2021, using funding from the Midlands Engine Investment Fund. Co-founder Steven Frost said the new funds would help WorkBuzz to co-create innovative products with clients as well as expand into the US, following a transformative period for the company.
Adam Hart, investment director at YFM, praised WorkBuzz for its "clear domain expertise" and innovative technology. Foresight invests in infrastructure and private equity and manages over 350 infrastructure assets across seven European countries. Mercia Asset Management is focussed on providing funding to smaller firms and has £1.4bn of assets under management invested across balance sheet, venture, private equity and debt capital, as well as raising its own Enterprise Investment Scheme Funds and Venture Capital Trusts. The Midlands Engine Investment Fund is supported by the European Regional Development Fund and operated by British Business Financial Services, owned by the British Business Bank.
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