As companies adopt new tools to accommodate remote ways of work, it's becoming harder for their workforces to keep track of and manage information. Lower-level employees are also having to wrestle with employers' catalogs of apps. The average enterprise uses more than 100 software-as-a-service apps today. Coveo found that the amount of time workers spend searching for information is going to go up.
If you ask Perttu Ojansuu, he will tell you that an intranet is a company-specific portal that consolidates software and documentation in one place. Ojansuu is aware of his bias and co-founded a startup to connect employees with company tools. Ojansuu says that his experience working with customers at Gapps influenced his view.
The opportunity to help enterprise companies in the Nordics with their cloud transformation was seen by Ojansuu and his co-founders. There wasn't any central source of truth for information that could be readily integrated with other software-as-a-service tools.
The intranet portal was built using Happeo'sediting tools.
"Universe" was launched in early 2016 by Ojansuu and Hanhirova. Two people incorporated the company. The $26 million Series B round was co-led by Endeit Capital, Smartfin and Evli Growth Partners. The Series B was participated in by Inkf Capital, Maki.vc, and Vendep Capital.
Ojansuu says that the aim of the company is to connect teams and people in an organic way. The platform brings resources and apps together in a home portal that employees can use.
There are various internal tools that a company can use. There is a place to host shared files and documents beyond this. The back end shows metrics such as channel, page and post engagement, as well as search activity.
As tech companies grow fast, they don't have time to build processes, which leads to slowed-down productivity and low employee experience. It removes the burden of sharing important updates from instant messaging tools so teams can use these to collaborate instead of being overwhelmed by information.
Intranet platforms have been around for a long time. There are a lot of competitors in the space. The company raised $32 million for its tools last year. In March, Staffbase landed $115 million at a valuation of more than $1 billion.
The large financing rounds are a reflection of the enthusiasm of VCs for HR tech. A record 14 billion dollars were invested in over 300 deals in the year 2021.
There is a perception that intranet services aren't particularly useful from a user perspective. Only 13% of employees use their intranets daily, while 31% admit to never using them, according to one survey. There is a lack of clear purpose and a lack of executive engagement as the main culprits.
The image is called "Hapoe."
According to Ojansuu, Happeo's is more than most.
Employees no longer come together, share knowledge, bounce ideas off each other, communicate, or build trust at work. Offices and water cooler conversations are no longer present. The workers took all the information with them to the home office. The employee experience is now the center of the HR tech market. The central source of truth for companies is being addressed by the company.
According to Ojansuu, the sales pitch convinced the former CEO of Nokia to invest in the company. Prior to the closing of the Series B, Happeo had over 350 customers.
In times of economic downturn and growth, it is important for companies to find ways to solve their problems. The expected growth will not be affected by this. The company has had a record-setting quarter. We have a lot of job openings, especially in tech and sales, as a result of the Series B round closing.
Ojansuu says that the plan is to invest in product development with a focus on adding new integrations. The sales and customer success teams in New York are going to be expanded.
The company expects to have 160 workers by the end of the year.
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