Workforce management solution Quinyx raises further $25M
Quinyx, the cloud-based workforce management solution, has raised a further $25 million in funding. The investment was led by the startup's existing investors Alfvi(C)n & Didrikson, Battery Ventures, and Zobito.
Founded in 2005 by Erik Fjellborg, Quinyx's CEO, after he spent the summer working at McDonald's, the company's workforce management software helps businesses of all sizes manage employee scheduling, communication, task-management and payroll integration.
Quinyx's core focus is shift-based or 'flexible' workers, including but not limited to those operating in the fast-food industry. Clients include McDonald's, London City Airport, Burger King, Rituals, Swarovski, IHG, and Boots. I'm told that more recent wins include Daniel Wellington, and Odeon Cinemas Group.
The software's feature-set includes scheduling, shift planning and swapping, timesheet functionality via workers checking in using Quinyx's mobile apps, and budget forecasting.
To give you a better idea of the company's scale: it currently has close to 500,000 employees on its platform. Its core customer base is in Europe, and Quinyx has offices in U.K., Sweden, Finland, Germany, Norway, Denmark and the Netherlands.
Meanwhile, the global workforce management market is estimated to be worth $2.4 billion overall.
To that end, Quinyx says the new funding will be used to further accelerate Quinyx's roll-out of "innovative features and new AI technologies" that will automate and streamline workforce management processes. This will include developing and embedding new technologies into the platforms "to unlock the full potential of the flexible workforce," says Fjellborg.
Adds Michael Brown, general partner of Battery Ventures: "Having joined the board at Quinyx when we invested in the company last year, I've seen first-hand the ambition and drive Erik and his team have shown in going after this large market. Quinyx has made significant progress in the last year by continuing to focus on the strength of its technology. This new investment will help take Quinyx's business to the next level".