AI Start-up Advantage Club Acquires $3.3 Million Fund from Jetty Ventures & Others
Advantage Club, an artificial intelligence-driven employee engagement and rewards platform, has acquired $3.3 million in investment from Jetty Ventures, Earlsfield Capital, SMC Advisors, and other investors. This is in addition to the $1.7 million secured previously in the same round from Y Combinator, Broom Ventures, Kunal Shah, and others.
Sourabh and Smiti Deorah created the Gurugram-based firm in 2014 to provide employee benefit administration services to companies such as Times Group, EY, and Reliance Nippon Life Insurance.
The software may be used to handle employee benefits, reward and recognition, build and administer ‘hobby clubs’, and manage digital employee engagement. The firm intends to utilise the newly collected funds to grow its operations internationally and extend its platform's goods and capabilities.
Smiti Deorah, co-founder and COO said, “as we are nearing the end of the pandemic, the long term impact we have observed over these testing times is that the value of digitisation has increased significantly. With work from home becoming increasingly normal, cross border collaboration within companies has increased and requirement of employee engagement has become truly global. We will continue solving this problem by building global products catering to HR teams across the world, driving higher retention and productivity”.
According to the company's website, it has over 10,000 brand partners and operates in more than 70 countries.
In 2020, the worldwide HR technology market will be valued $22.89 billion dollars. According to Fortune Business Insights, the market is expected to increase at a CAGR of 5.8% from $24.04 billion in 2021 to $35.68 billion in 2028.
During the projected period, the Asia Pacific region is predicted to increase at the quickest rate. China is predicted to be the region's largest market, followed by India, South Korea and Japan.
Industrialisation and urbanisation, as well as an increase in the number of corporate organisations and start-ups, will boost the Indian HR Tech industry. Multiplier, a self-serve hiring business, raised $13.2 million in a Series A fundraising round headed by Sequoia Capital earlier this month.
Pazcare, a Bengaluru-based employee benefits and insurtech incubator, raised $3.5 million (INR 25 crore) in a seed round led by BEENEXT last month. The money raised will go toward product development and hiring.
Sourabh and Smiti Deorah created the Gurugram-based firm in 2014 to provide employee benefit administration services to companies such as Times Group, EY, and Reliance Nippon Life Insurance.
The software may be used to handle employee benefits, reward and recognition, build and administer ‘hobby clubs’, and manage digital employee engagement. The firm intends to utilise the newly collected funds to grow its operations internationally and extend its platform's goods and capabilities.
Smiti Deorah, co-founder and COO said, “as we are nearing the end of the pandemic, the long term impact we have observed over these testing times is that the value of digitisation has increased significantly. With work from home becoming increasingly normal, cross border collaboration within companies has increased and requirement of employee engagement has become truly global. We will continue solving this problem by building global products catering to HR teams across the world, driving higher retention and productivity”.
According to the company's website, it has over 10,000 brand partners and operates in more than 70 countries.
In 2020, the worldwide HR technology market will be valued $22.89 billion dollars. According to Fortune Business Insights, the market is expected to increase at a CAGR of 5.8% from $24.04 billion in 2021 to $35.68 billion in 2028.
During the projected period, the Asia Pacific region is predicted to increase at the quickest rate. China is predicted to be the region's largest market, followed by India, South Korea and Japan.
Industrialisation and urbanisation, as well as an increase in the number of corporate organisations and start-ups, will boost the Indian HR Tech industry. Multiplier, a self-serve hiring business, raised $13.2 million in a Series A fundraising round headed by Sequoia Capital earlier this month.
Pazcare, a Bengaluru-based employee benefits and insurtech incubator, raised $3.5 million (INR 25 crore) in a seed round led by BEENEXT last month. The money raised will go toward product development and hiring.
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