Work Angel raises $5m to reward employees everywhere

Work Angel, a platform tackling employee engagement and retention, has raised $5m as it prepares to fully launch its service.

The London-based startup lets companies reward their employees with discounts and cashback at various retailers through private, company-specific social networks.

It is the brainchild of tech entrepreneur Jamie True, who sold his last venture Grapple to Monetise for $50m in September 2013.

An unchallenged market

“The voluntary benefits market has been unchallenged for over a decade,” says CEO True.

“During that time technology has fundamentally re-written what can be achieved in the space. WorkAngel deploys the latest mobile technology to drive structural increases in the number of engaged, productive employees, offering a system of recognition and reward that’s both easy and incredibly cost-effective to implement and manage.”

Recent research has shown that as much as 90% of the UK workforce are ‘not engaged’ with their jobs and Work Angel hopes to correct that trend.

The platform works with more than 1,200 online retailers and 6,000 UK restaurants to better engage staff.

It has been in private beta for a year but will launch in the UK in February and is planning a US launch later in the year.

Investors and appointments

Former Tesco CEO Terry Leahy is the lead investor in the funding round with Bob Willett, chairman of MetaPack Ltd & Eagle Eye PLC, Bill Currie and Iain McDonald of William Currie Group and Lord David Alliance all participating.

BBC Worldwide CEO Tim Davie and advertising industry expert Jon Claydon join the company’s board of directors.