STOCKHOLM -- Quinyx, a provider of cloud-based software to help businesses of all sizes manage employee scheduling, communication, task-management and payroll integration, has announced a $12 million investment from global investment firm Battery Ventures. As part of the financing, Boston-based Battery General Partner Michael Brown will join Quinyx’s board. Battery Vice President Paul Morrissey, based out of Battery’s London office, will also work closely with the company.
The investment highlights the increasing demand for new online and mobile tools which allow managers—often of hourly, shift employees—to use data and artificial intelligence to effectively plan their workforce needs, create optimal schedules and engage workers in efficient communication. For years, many businesses have relied on spreadsheets and clunky, on-premise software to perform these tasks. This led to many inefficiencies for clock-in, clock-out workers, such as missed calls and voicemails from managers asking them to fill a last-minute shift—and, on the part of employers, consulting physical Rolodexes and paper scheduling sheets to manage their workforce.
After experiencing this problem firsthand during a college job at McDonald’s, Quinyx CEO Erik Fjellborg founded the company in 2005, while still a student, to try and solve this problem and improve the workplace experience for employees and managers. McDonald’s subsequently became Quinyx’s first customer. Now, the company has over 275,000 users of its software in 20 countries; these people use Quinyx to manage their work schedules, primarily through a mobile app. Quinyx also boasts some of the world’s best-known brands as customers, including Papa John’s, Rituals Cosmetics, London City Airport DHL, Humana, Debenhams and more.
“At Battery we are very focused on how the rise of mobile as well as less-expensive, more-flexible cloud software is fueling a sea change in how companies manage workers who don’t sit at a desk all day,” said Battery’s Brown. “The market for this technology is enormous, and we think Erik and his team are true pioneers in this area. Quinyx has just scratched the surface in terms of where it can take its business.”
The deal also dovetails with other Battery investments in the growing field of human-resources technology and, separately, highlights the growth in the firm’s new London operation, which is largely focused on European software and industrial-technology transactions. Battery opened its office in London in late 2016.
“We are thrilled to partner with Battery and leverage the firm’s global expertise in helping to scale software companies,” said Quinyx’s Fjellborg. “With the firm’s expertise and experience in building prominent SaaS companies, specifically, we feel we have found a great match for our growth journey.”
Added Battery’s Morrissey: “Not only has Quinyx proved itself as a leader in its local Nordic markets, but the company also has achieved impressive growth in the U.K. and other countries. Overall, when we see customers ranging from small businesses like museums to global companies such as Compass Group, which has 500,000 employees worldwide, all selecting Quinyx to manage their workforces, we take note. We are excited to work alongside Quinyx as the company expands into new geographies and new verticals, and grows its global leadership.”
Quinyx is a leading provider of cloud-based, workforce-management solutions. With a mobile-first approach, Quinyx helps to reduce workforce-related costs by automating labour-intensive processes like scheduling, payroll, time punching, communication and forecasting—all while creating a smiling workforce. Founded in 2005 by Erik Fjellborg, Quinyx today has about 275,000 users and enables 500+ customers around the world to enjoy work, including brands like Papa John’s, Rituals Cosmetics, London City Airport DHL, Humana, Debenhams and more.
Ventures Battery strives to invest in cutting-edge, category-defining businesses in markets including software and services, Web infrastructure, consumer Internet, mobile and industrial technologies. Founded in 1983, the firm backs companies at stages ranging from seed to private equity and invests globally from offices in Boston, the San Francisco Bay Area, Tel Aviv and London.
Follow the firm on Twitter @BatteryVentures, visit our website at www.battery.com and find a full list of Battery's portfolio companies here.