Cloud-based internal communication and employee engagement platform Oak Engage听has taken its Series A funding to 拢7.4 million.听
Maven Capital Partners鈥� investor partners have contributed 拢1.8m听alongside a further 拢775,000 from the Maven-managed听North East听Development Capital Fund and the听North East听Innovation Fund, supported by the European Regional Development Fund and managed by听Northstar听Ventures, as well as existing and new private investors.听听
The听transaction has completed the听Series A round, in which Maven has invested a total of 拢6m听alongside a further 拢1.38m from private investors and regional funding.听
Despite the pandemic, Oak Engage has continued to grow strongly.听It will now听scale further,听creating听26 new jobs across its sales and marketing divisions.听
Oak鈥檚 internal communication tools, across a mobile app听and SaaS platform,听integrate with office applications, helping improve productivity with feeds, collaboration hubs and advanced search.听
Its additional functionality includes rota management, instant messenger, surveys, opinion polls, employee recognition, trending content and push notifications.听
It is听used by hundreds of thousands of people every day across a multitude of sectors, including boohoo,听Aldi, Five Guys, Halfords and ITV.听
The firm is led by a seasoned former Silicon Valley executive, Will Murray, who has a successful track record of scaling technology businesses and was a key member of the management team of Turnitin, a US software company which recently sold to a private equity buyer for $1.75听billion.听听
Michael Vassallo, Investment Director at Maven, said: 鈥淥ak is a proven, fast growing technology business led by strong, experienced management team.听听
鈥淭he platform is globally scalable and as employee engagement is becoming increasingly recognised as pivotal in the overall success of a business, Oak continues to secure听a number of impressive customer contacts.听听
鈥淲e look forward to working with Will and the team as the company scales further and continues to expand.鈥�听
CEO听Murray said:听鈥淲ith the work we have done so far we are just beginning to see how transformational our new approach to the company intranet can be. This further injection of capital further secures our place as industry leaders within the intranet software and internal comms industry.听听
鈥淲e will continue to invest in growth, our technology and in our product as we continue to push forward with the support of investors.听
鈥淧roducts like our intranet software can help businesses connect their people, boost employee engagement, and promote wellbeing, giving everyone a voice at a time when they need it most.听听
鈥淭his will be key now that听the majority of听people will want some sort of flexible working situation going forwards. There is so much more to come from Oak Engage in the coming months and years.鈥�听