The Cork-based arm of employee communications software company Workvivo last year more than doubled the size of its workforce to 54 as it continued to expand.
New accounts show Workvivo Ltd in February of this year “received a further substantial investment” from US investment firm, Tiger Global Management and Oldship Ferry LH LLC.
The note states that in return for their investment each party received Preferred Shares in the company.
Tiger Global has already invested in the Collison brothers’ Stripe and the new accounts for WorkVivo show that Workvivo recorded losses of €4.86 million in 2021 and this followed losses of €1.51 million in 2020.
The firm incurred the sharp increase in losses as its revenues increased more than four-fold from €1.5 million to €6.43 million.
At the same time, the firm's workforce here increased from 22 to 54 as staff costs soared from €1.87 million to €5.05 million.
Directors’ pay also increased sharply from €288,721 to €347,105.
A note attached to the accounts states that the “company continues to incur losses but has secured a large investment after the year-end”.
The firm confirmed the €4.86 million loss for the year and pointed out that the firm “has substantial cash balances in the bank at the year-end in the amount of €10.1 million".
Some of Workvivo’s clients include Amazon, Tellus International and VMWare. A note attached to the accounts states that Workvivo “is the employee communication platform designed to build natural, meaningful bonds between teams, allowing companies to reach and engage their employees in ways that traditional tools simply can’t".
The note states that Workvivo’s product is “your intranet, comms tool, and employee app all blended into one familiar social experience that people naturally embrace, offering companies the oversight they need while giving employees the freedom and flexibility they desire”.
At the end of December last year, the firm had shareholder funds of €8.89m made up of a share premium account of €15.5 million offset by accumulated losses of €6.6 million.
The firm is led by John Goulding who at year-end owned the majority shareholding in the company at 51.99 per cent while director, Joe Lennon held a further 22.28 per cent of the shares of the company.