Source prnewswire
ContactMonkey Secures $55 Million in Series A Funding to Transform Employee Engagement
In Toronto, Dec. 7, 2023 /PRNewswire/ - ContactMonkey, the internal email communication platform, is pleased to announce the conclusion of a Series A investment of $55 million from Updata Partners, one of the leading growth equity firms.There is no doubt that employee engagement is more important than ever to enterprises. As reported by the BBC, 59% of global workers do not feel engaged at work, which can lead to "quiet quitting." According to a Gallup study, disengaged employees cost the global economy about $8.8 trillion every year.Despite the fact that many companies are utilizing remote workplaces and disparate teams, ContactMonkey believes it is essential that they improve their communication with their employees as well as foster a strong, collaborative, and transparent work environment," said ContactMonkey CEO and Founder Scott Pielsticker. In light of the growing awareness of the importance of internal communications to companies, we look forward to the opportunity of partnering with the Updata team to grow our teams and solutions.There has been a rapid rise in demand for Pielsticker's solutions in the marketplace and in the past three years the company has grown 330% in revenue and unit economics with best-in-class unit economics. It is taking this investment to best scale and meet the rapid demand for its solutions in the marketplace.
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