Maplewood-based startup Engagedly Inc., which provides software aimed at helping companies manage their workforce, plans to expand its team and technology after raising fresh financing.
Engagedly, led by President Sri Chellappa, has closed on an investment from Aquiline Credit Opportunities, an arm of New York and London-based private investment firm Aquiline Capital Partners. Financial terms of the investment were not disclosed.
"Sri and his team have built a compelling business that is highly scalable and we look forward to working with them to achieve continued success over the coming years,” Timothy Gravely of Aquiline Credit Opportunities said.
While the specific amount of financing provided was not disclosed, Chellappa said his startup is being provided with more than $10 million in capital through the investment. He said the deal is a convertible note, explaining it is currently structured as debt funding that could convert to an equity investment if Engagedly reaches a certain company valuation.
Founded in 2015, Engagedly provides software designed to help companies analyze and understand workforce performance, train and develop talent, and interact with and reward employees. It says its software is used by more than 400 companies. Clients include health club chain Lifetime Fitness, automotive manufacturer Yamaha and technology company Coupa. Engagedly appeared on the 2021 Inc. 5000 list of the nation's fastest-growing private companies, with its revenue increasing 577% from 2017 to 2020.
With its fresh funding, Engagedly plans to expand its workforce and enhance its technology, Chellappa said. The startup has roughly 105 employees and 10 based locally. The majority of Engagedly’s workforce is based outside the U.S. and in addition to its Maplewood headquarters, it has offices in London, Malaysia and India.
Chellappa said he expects his company to grow to about 150 employees by year’s end. It currently has more than 35 job openings and is hiring for roles in sales and business development, software design and engineering, finance, human resource and marketing.
The fresh funding comes at a key time for Engagedly to boost its brand awareness as companies turn to software tools to better connect with employees amid the uptick in remote and hybrid work, Chellappa said.
"In the new world of work, the organizations that will succeed in the future are the ones that connect their people processes with business strategies that give their people a sense of purpose, alignment and growth,” he said.
