ask nicely Is the latest company to draw capital for the success of its app targeting shift or frontline worker as more businesses begin to see exactly how valuable these workers are to their bottom line and how technology can ensure that these key Employees are empowered to help the company grow.
The Portland, Oregon-based company, which has a tech team in New Zealand, began developing its SaaS customer experience management tool in 2014 for businesses that rely on humans, co-founder and CEO Aaron Ward told Nerdshala. Told. Tools pull in net promoter scores, workflow, recognition and feedback, coaching and insights to help businesses grow beyond their frontline workers.
“Historically, we have been taught that businesses are top to bottom, but what we do know is that the signal is often lost,” he said. “The magic is to always keep those signals on and daily things to do with feedback sharing and coaching practice, not just those that happen once a quarter or a month.”
Today, the company announced a $32 million Series B funding led by Five Elms Capital, with participation from existing investors Nexus Venture Partners and Blackbird. Five Elms’ Ryan Mandal is joining AskNicely’s board as part of the funding.
The new capital gives AskNicely a total of $47 million in fundraising. It previously extended its Series A in January 2019, and Ward said the driver for going after the additional capital was part of the global pandemic. Many of its service business customers closed their doors, and the company was considering whether it was time to pivot. Instead, AskNicely doubled down on its mission and took down time during the pandemic to invest in the product and its marketing, he said.
Those efforts paid off for the company, and Ward was able to take those early results to the capital markets, which it recognized as new technology for a segment of workers previously largely overlooked by technology. It was, he said.
Ward believes that taking that time to focus on the company Ascanily gives a head start on the rest of the market.
“We were the first to market with this and focus on changing technology for this class of workers,” he said. “The new capital will enable us to go deeper on the product and invest in the business from sales and marketing as we get ready to take our platform to market and announce ourselves.”
With 80% of the global working population Ward, considered a frontline worker in industries such as retail, food service and healthcare, says the market opportunity is huge. Companies are also taking on venture capital as they aim to reverse this underserved market with Blink, an app for frontline workers that connects with each other, along with the various IT services used by their organizations. ShiftSmart, a marketplace matching shift workers to employers, raised $95 million, while messaging app When I Work closed in on a bigger round — $200 million. Meanwhile, Fountain brought in $85 million and CZ grabbed $18.7 million for its tools for restaurant employees. Earlier this year, we saw Homebase, which raised $71 million earlier this year, and Worksys, which focuses on home services professionals, raised $13 million.
AskNicely has more than 60 employees, and plans to double that next year. Ward would not be specific about the company’s revenue, other than to say that the company is a “high growth SaaS business.” He revealed that AskNicely is dealing with 1,300 customers primarily in North America, Australia, and Europe, and that it has reached a point with its selling price that “every new customer today is 10 times more than what we were historically.” are doing.”
“We are here to decide how frontline workers work, and over the past 24 months, have realized a new appreciation for what companies have done,” Ward said. “They are deprived of technology and are clearly underrepresented, underpaid and underestimated. We are helping them succeed, but we cannot do it alone. We need a way to link arms with coalition partners. There is a need to build a movement and build partnerships with other players.”