Energage Receives $15 Million in Funding

10/4/17

Doug Claffey

EXTON, Penn., Oct. 04, 2017 (GLOBE NEWSWIRE) -- Energage, the employee engagement platform that unlocks potential and inspires performance, today announced a $15 million round of funding. Energage also unveiled its new name and launched a new technology platform to give talent leaders the ability to measure engagement and act on workplace insights.

The new employee engagement platform from Energage, formerly WorkplaceDynamics, builds on the company’s proven, core survey capabilities used by over 7,000 organizations a year, along with its rich insights and consulting expertise.

The new round of investment and strategic guidance from NewSpring Capital, along with additional financing from Bridge Bank, will support Energage to drive continued growth, specifically by focusing on sales, marketing, and product development. Previous investors Rittenhouse Ventures, also participated in this financing.

“This round of funding validates our vision to create meaningful conversations between managers and employees that inspire people and energize organizations to achieve profound results,” said Doug Claffey, CEO of Energage. “Our technology approach to employee engagement builds on our trusted survey products, adding new features such as social recognition to allow people to appreciate and celebrate their colleagues and their work.”

“Energage understands the evolving dynamics of today’s work environment and is creating solutions to address some of the most challenging issues being faced by employers and employees alike,” said Michael DiPiano, Managing General Partner of NewSpring Capital. “We are excited to partner with the Company and look forward to working alongside the team as they create better and more productive workplaces for their clients.”

With only one in three U.S. employees engaged in the workplace, talent leaders crave a solution to attract, retain, and inspire top talent to achieve great things. For more than a decade, Energage has built an unmatched reputation in workplace surveys (annual and pulse) and culture-building expertise. Energage is the trusted survey provider behind Top Workplaces, the respected program that recognizes good employers nationally and regionally, and it partners with major newspapers such as The Washington Post, The Boston Globe, and the Chicago Tribune to provide aspiring companies with actionable employee engagement insights.

Moving to the name Energage captures the spirit of the new platform and its rapid transition from measurement to action, energizing meaningful discussions and inspiring higher performance.

“Our mission is making the world a better place to work together,” Claffey said. “With the Energage platform, companies finally have a way to turn the potential of engagement into real action.”

About Energage

We are a HR Technology company based in Exton, PA and formerly known as WorkplaceDynamics. The Energage platform helps realize your workplace’s full potential by combining cutting-edge AI technology, Top Workplaces insights, and personalized guidance. We combine neuroscience, organizational development, and over 14 million survey responses into clear next steps for you to develop an employee-centric approach to success.

About NewSpring

Founded in 1999, NewSpring partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. The Firm manages approximately $1.7 billion across four distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. When NewSpring invests, they bring a wealth of knowledge, experience, and resources to take growing companies to the next level and beyond. Partnering with management teams to help develop their businesses into market leaders, NewSpring identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide array of operational areas and industries. Visit NewSpring at www.newspringcapital.com.

About Bridge Bank

Bridge Bank is a division of Western Alliance Bank, Member FDIC, the go-to bank for business in its growing markets. Bridge Bank was founded in 2001 in Silicon Valley to offer a better way to bank for small-market and middle-market businesses across many industries, as well as emerging technology companies and the private equity community. Geared to serving both venture-backed and non-venture-backed companies, Bridge Bank offers a broad scope of financial solutions including growth capital, equipment and working capital credit facilities, sustainable energy project finance, venture debt, treasury management, asset-based lending, SBA and commercial real estate loans, ESOP finance and a full line of international products and services. Based in San Jose, Bridge Bank has eight offices in major markets across the country along with Western Alliance Bank’s robust national platform of specialized financial services. Western Alliance Bank is the primary subsidiary of Phoenix-based Western Alliance Bancorporation. One of the country’s top-performing banking companies, Western Alliance ranks #4 on the Forbes 2017 “Best Banks in America” list. For more information, visit bridgebank.com.

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