UAE based startup, Workfam, the employee engagement SaaS platform that supports organisations with their mission to create a happy, healthy, and highly engaged workforce, has joined the portfolio of GELLIFY, a B2B innovation platform that selects, invests in, and grows innovative high-tech startups and connects them to traditional companies to help them innovate their processes, products, and business models.
GELLIFY underwrote the capital increase along with Azimut through the Azimut Digitech Fund, a closed-end alternative B2B venture capital fund that invests exclusively in B2B technology companies, launched in partnership with GELLIFY.
Workfam was founded in the UAE in 2018 by Cameron Collins, former Product Marketing Manager – Cloud & Enterprise at Microsoft, and is a player in the fast-growing HR Tech – Employee Engagement market.
In 2019, the HR Tech market was valued at $47.5 billion while the global growth expectations for the sector are at $90 billion in market value in 2025.
As companies globally begin to adopt long-term work from home policies, they are turning to HR solutions and software to help them retain high levels of employee engagement.
The modern remote workforce is struggling to remain engaged, motivated, and productive. Furthermore, HR departments are recognising the importance of both the mental and physical wellbeing of their employees. This topic has now become an integral part of every organisation’s HR strategy moving forward.
Workfam helps organisations leverage their employee retention through several stimuli: it provides opportunities for employees to work on their mental and physical wellbeing, giving them access to customized benefits; it allows to create synergies and connections by driving cross-industry and cross-offering collaboration and breaking down workforce silos; it also encourages internal competitions for a healthy lifestyle, through badge collection and rankings; it allows to reward employees for their personal and professional achievements; it leverages data to let the corporate leadership make informed decisions about employee engagement.
GELLIFY’s co-investment transaction with Azimut will help Workfam with its consolidation process and international scale up phase.
This first co-investment transaction by Azimut and GELLIFY lays the foundation for a series of new co-investments in B2B tech startups through a dedicated Fund that will be launched in the Middle East by the end of 2021.
“Our strategic partnership with GELLIFY and Azimut will support Workfam’s ‘Go Global’ mission. We will use the financing to strengthen our capabilities and maximise the value that we deliver to our current and future stakeholders. Our flexible approach to customisation, integration and authentication enables us to successfully differentiate our solution from other HR platforms. Business leaders and HR professionals around the world are looking to reshape their current policies and practices to prioritize employee engagement, wellbeing, and happiness. There has never been a more exciting time to be in the HR Tech market,” said Cameron Collins, the CEO and Founder of Workfam.
“Attracting and retaining top talent can no longer be achieved by simply offering an appealing fixed salary. Instead, people are flocking to organizations that prioritize culture and work-life balance. We believe we are perfectly positioned to capitalise on the growing market opportunity, and are delighted to have GELLIFY and Azimut join our Workfam,” Collins added.