In the wake of unprecedented employee turnover brought about by The Great Resignation, improving the employee experience has resurfaced as a top strategic priority.
Enterprises are struggling more than ever to connect with their front-line workers in a new way of working. Despite being in a world where everyone is increasingly connected, businesses have yet to find a suitable way to communicate effectively and engage with front-line employees.
Doubling Down on WorkJam
Legacy HR & payroll suites have created many US$10B+ market cap businesses. Still, they are not adequately designed to meet the needs of the modern workforce, especially for Gen Z. The market opportunity has attracted many point solutions, but they can’t orchestrate global workforces and have further complicated the number of apps and programs employees have to engage with. This incompatibility ultimately creates a poor employee and customer experience.
Inovia Portfolio company WorkJam is solving this problem by creating a specialized category for the Digital Frontline Workplace with a single app that is easy to use for employees to swap shifts, communicate with their teams, and manage tasks.
WorkJam is unique in that it was deliberately engineered for global organizations. Its modules are designed to adapt to existing workflows and integrate seamlessly with workforce management platforms and other technologies in your system to create happier, more engaged employees for higher productivity. The company also has a compelling value proposition for employers, delivering a strong ROI through cost reduction, IT simplification, and improved levels of customer service.
We are excited to announce that we are doubling down on WorkJam and co-leading a US$50M Series D investment alongside our LP FTQ (CA$17B workers’ pension system), as well as Blumberg Capital and Demopolis Equity Partners.
Expanding Global Presence
WorkJam has established itself as the global Digital Frontline Workplace leader, with customers across 37+ countries, encompassing 2.3M+ users and 42 languages. Some of the largest enterprises in the world use its services daily, including American Eagle Outfitters, Shell, Hilton, Aramark, Ulta Beauty, and Couche-Tard. We’ve had the chance to meet with executives from these companies at their recent customer event in Banff, and it’s clear that the community and movement around WorkJam’s product are quite unique.
There are 2.7B hourly workers globally – more than twice the number of desk-based workers – representing a US$70B+ annual recurring market. This is an opportunity that is up for grabs. Employees expect more as operations in the physical world – stores, hospitals, or fulfillment centres – become increasingly complex.
First-Class Leadership Team
Above all else, we are thrilled by the opportunity to continue backing such a strong leadership team. CEO Steven Kramer, CCO Joshua Ostrega, CPO Mark Sadegursky, and CFO Marc-André Dupéré have a proven track record, having built iCongo/Hybris into a market-leading commerce platform that was acquired by SAP in 2013 for $1.5B. The team has first-hand experience operating in an adjacent market, managing at-scale enterprise sales teams, and selling into a similar customer base that WorkJam is now targeting.
Inovia’s team of company builders is excited to double down on our partnership with WorkJam alongside FTQ. We are thrilled to support the world’s leading Frontline Digital Workplace solution and contribute to mitigating The Great Resignation.