When Andy Roberts was a Software Director at a large corporate managing a team of 40 developers, he would send 3 short questions to his team every Friday afternoon to get a temperature check on everyone’s mood and to surface any issues he needed to address before they got out of hand. From this was born Weekly10; a multi-platform subscription software for HR Directors and company leaders to effortlessly understand, measure and improve employee sentiment, engagement and performance.

weekly10.com

Standing out in a huge market

Weekly10 was the standout entrant into the Start-Up Series in February 2019, and after the usual due diligence was completed, the Start-Up Series Fund invested in April 2019. The market opportunity is vast – any organisation employing people, and particularly those for whom their people are a source of competitive advantage. HR tech is a market valued at $30 billion and growing at 10% per annum (source: Grand View Research, February 2020). There is lots of competitive activity – including in the sentiment and performance management space. But this is fragmented with room for different approaches. Worth Capital was attracted to Weekly10 by Andy’s bold decision to not follow the competition in anonymising feedback. Instead, the Weekly10 check-in facilitates regular, transparent, two-way feedback between team member and manager which underpins engagement and performance metrics across the business. The differentiated approach which creates good feedback habits was quickly validated by their first major client: Weekly10 was helping them to predict problems before they escalated and even helped anticipate a particular manager leaving the business.

Gaining momentum

Gaining momentum

The business has gained momentum with annual recurring revenue growing by 19% in each of the last three months of 2020. The shift to remote working through 2020, with progressive managers and leaders even more concerned with understanding engagement at a time when they have less face-to-face visibility, has supported this growth. It has also been helped by an early decision to make a multi-platform product, leading with a Microsoft Teams app supported by access across desktop, mobile apps and Slack integrations. Since the Microsoft Teams integration went live in February 2020, Weekly10 has expanded with the global explosion in the use of Teams. Weekly10 is among the top engagement and performance management apps for MS Teams.

 

Prioritising is key

From the first conversation with Andy, way before receiving investment, Worth Capital was helping with the thorny task of how to segment and prioritise such a huge market. This has resulted in a strong sense of the type of companies that will benefit most from the Weekly10 approach. In turn, this has driven a clear marketing strategy to proactively target certain sectors, alongside the effort to make sure that all businesses can find Weekly10 and self-serve.

Andy reflects...

“The Start-Up Series Fund elevated our thinking. We have a great product and with Worth Capital’s support, we’ve invested where it matters most. They are hands-on and bring invaluable outside-in perspectives as we continue on our huge growth trajectory.”

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