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Wednesday, April 17, 2024

Danish HR platform raises $3.19M to expand global reach and tackle employee turnover

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Copenhagen-based HR tech startup Woba has secured $3.19 million in funding from existing investors PreSeed Ventures and Denmark’s export and investment fund, EIFO. Woba offers an all-in-one HR platform that helps managers assess and reduce employee turnover. This investment will support Woba’s expansion into new international markets and further global growth.

Co-founded by Malene Madsen and Mikkel Bindesbøl, Woba is an HR impact platform that empowers organizations to transform feedback from their employee surveys into actionable plans, proactively mitigating risks and driving real HR ROI impact. The company has seen rapid expansion, entering 35 new countries and experiencing a 200% increase in its user base outside of Denmark in the past year.

Woba’s AI-powered platform analyzes HR data and provides financial forecasts on talent retention, allowing HR professionals to take proactive measures. The company aims to become the world’s leading HR impact solution in the next five years. PreSeed Ventures and EIFO Investments see Woba as a promising solution for improving workplace well-being and have reinvested in the company.

Co-founder & CEO of Woba, Malene Madsen, said, “I have a vision that Woba will be the world-leading HR impact solution within five years. To achieve this goal, we have crafted a focused growth plan across customers, user numbers, teams, products, go-to-market, and financing. So far, we have achieved everything we’ve set out to, so I expect us to continue this way.”


General Partner from the PSVTech01 Fund at PreSeed Ventures, Helle Uth, added, “It’s a rare occasion to find a tech startup that can bring in a positive cash flow while pursuing an aggressive expansion strategy just like Woba. And despite corporate cost-cutting, the best HRTech startups experience more demand than ever. No matter the market situation, companies need to recruit talent and motivate and incentivize them to retain it. With our recent investment, we’re keen to see how quickly and well Woba will find its foothold in new, foreign markets.”


Jacob Henriksen commented, “In EIFO, we are joining the vision of creating a platform that can assist companies in enhancing workplace well-being. Woba gathers all feedback from workplace assessments and employee satisfaction surveys in one platform. This data can be translated into concrete action plans that reduce the risk of issues such as workplace dissatisfaction.”

Click to read more funding news.

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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