The fundraising was done in two tranches:
- $3.3 million from Jetty Ventures, Earlsfield Capital, SMC Advisors and others.
- $1.7 million from Y Combinator, Broom ventures, Kunal Shah and others.
The capital will be used to expand operations globally and continue investing in artificial intelligence and machine learning to improve product offerings.
Founded by Sourabh Deorah and Smriti Deorah in 2014, Advantage Club brings rewards and recognition, perks, financial wellness and employee engagement initiatives, all under a single app, according to its website. The Delaware, US-based HRtech startup is operational in more than 60 countries currently, and claims to be growing at 20% month-on-month.
“The latest influx of funds will help us bolster our presence internationally and help us hire the right talent to manage our operations globally,” said CEO Sourabh Deorah. “We aim to evolve as a single global platform for employee engagement and financial wellness in the Southeast Asian and Middle East and North Africa markets.”
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The company, which counts Concentrix, Hexaware, EY and Target among its customers, recently announced that it would increase its employee strength to 170 from 70 at present.
“With work from home becoming increasingly normal, cross-border collaboration within companies has increased and requirement of employee engagement has become truly global,” COO Smriti Deorah said. “We will continue solving this problem by building global products catering to HR teams across the world, driving higher retention and productivity.”
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