Israeli employee engagement and performance platform developer Centrical (formerly GamEffective) has announced the completion of a $13 million Series C financing round led by new investor Aleph and the company's largest investor Jerusalem Venture Partners and with the participation of La Maison Compagnie d'investissment, and 2B Angels. With the latest financing round, the company has raised $34 million.
The company said that it will use the investment to boost growth, increase R&D activities, add to its array of solutions, build strategic alliances, and expand its customer roster, which already includes Microsoft, Novartis, Synchrony Financial, Unilever, and Swiss Life, among others.
Centrical has 70 employees in its offices in Ra'anana and New York of whom 45 are in Israel and with the new funds plans hiring 20 employees over the next six months.
Centrical founder and CEO Gal Rimon told "Globes," "We weren't looking for another financing round and from my point of view it wasn't planned but then we met the Aleph venture capital fund and it was love at first sight and we began to work on how to build the company more quickly and strongly and I think that therefore the amount is too small. We still had money in the bank but we saw that Aleph, with their great experience, can help the company. JVP and Aleph are both strong funds and this is a preparation for the end of 2020 when I estimate we will go for a larger financing round.
Over the past six months, Centrical's product has been offered by SAP as part of the company's human resources network.
Rimon added, "We became Centrical because, as a brand, it more accurately reflects our mission; to revolutionize the way companies get ready for the future of work, one which makes employees the center of their business success. Centrical is able to do that because, unlike single point solutions, our platform holistically combines advanced gamification with personalized microlearning and real-time employee performance management to provide better motivation which yields better learning for better performance, such as 10% sales growth or a 12% increase in customer satisfaction. With Centrical, we all work better together."
Published by Globes, Israel business news - en.globes.co.il - on November 4, 2019
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