GuideSpark secures $15 million investment to fuel growth for its world-class employee communications and engagement platform
Menlo Park, March 5, 2014 - GuideSpark, the rapidly growing leader in employee communications and engagement, has secured an investment round of over $15 million, led by New Enterprise Associates (NEA) and existing investors Storm Ventures and IDG Ventures. Peter Sonsini, from NEA, will join the GuideSpark board.
GuideSpark helps customers educate employees and deliver information on complex topics such as benefits, healthcare reform, compensation programs, compliance and more, by transforming traditional employee communications into engaging video and mobile experiences. The company also provides customers cloud-based access to advanced analytics to measure and drive their employee engagement.
According to Bersin by Deloitte, businesses spend more than $62 billion on training in the US alone and more than 50% of all dollars go into technology, tools, coaching and other non-instructor lead solutions. GuideSpark is on a mission to disrupt this market in the HR communications space.
Market reception for the company’s SaaS platform has exceeded expectations. GuideSpark has quickly amassed a who’s who client list across every major industry and company size, including brand names such as L’Oreal USA, 7-Eleven, Adobe, BOX, and News Corp. With such significant market demand for its solution, GuideSpark plans to invest aggressively in new products, technology, and employees to meet the needs of its growing customer base.
“The explosion of video and mobile in the consumer world is now also changing how employees consume information at work. With the connected employee infiltrating the workplace, this trend is taking off and GuideSpark is leading the transformation away from traditional paper, seminar, and text-based employee communications. We are excited to partner with GuideSpark on their journey to revolutionize communications in the workplace,” said Peter Sonsini, General Partner at NEA.
"SurveyMonkey is now able to reach and engage employees in a consistent voice across our workforce, by leveraging GuideSpark’s interactive videos. Employees can access relevant content when and where they want it, on any device including mobile” said Becky Cantieri, VP of Human Resources, at SurveyMonkey. ”What makes this an even more powerful solution is the robust analytics that help us understand the effectiveness of our communications. GuideSpark has become a strategic extension of our team."
“We are thrilled to be in partnership with NEA. With their knowledge of the HR and SaaS markets, they immediately understood the vision and the growing market need”, said Keith Kitani, CEO GuideSpark. “Their funding and expertise will enable us to scale more quickly to meet demand, and help us accelerate on our mission to transform employee communications.”
GuideSpark, the leader in employee communications, offers a robust employee communications platform, which includes short, engaging, and cost-effective videos on HR-related content. The platform is accessible from any device, including mobile, and provides an interactive user experience and deep analytics on user engagement. GuideSpark, recently named to Forbes “Most Promising Companies” list, serves hundreds of enterprise customers and more than 1 million employees. By transforming the traditional methods of employee communications, GuideSpark significantly increases employee engagement while decreasing overall HR costs. For more information, visit www.guidespark.com.
ABOUT NEW ENTERPRISE ASSOCIATES
New Enterprise Associates, Inc. (NEA) is a leading venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With approximately $13 billion in committed capital, NEA invests in information technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 175 portfolio company IPOs and more than 300 acquisitions. In the U.S., NEA has offices in Menlo Park, CA; New York, NY; Chicago, IL; Boston, MA; and the Washington, D.C. metropolitan area. In addition, New Enterprise Associates (India) Pvt. Ltd. has offices in Bangalore and Mumbai, India and New Enterprise Associates (Beijing), Ltd. has offices in Beijing and Shanghai, China. For additional information, visit www.nea.com.