Updata Partners invests to help ContactMonkey meet increasing demand.
Toronto, December 7, 2023—ContactMonkey, the internal email communications platform, today announced the completion of a Series A investment of $55 million from Updata Partners, a leading growth equity firm.
The funding comes as employee engagement is more critical to enterprises than ever: the BBC reported that 59% of global workers report being not engaged at work, which can lead to “quiet quitting.” A Gallup report found that disengaged employees cost the global economy around $8.8 trillion.
“At ContactMonkey, we believe it is vital that companies improve their communications with their employees and facilitate a strong, collaborative, and transparent culture, even across remote workplaces and disparate teams,” said Scott Pielsticker, CEO and Founder, ContactMonkey. “We’re looking forward to partnering with the Updata team to grow our teams and solutions as more companies realize how critical their internal communications are to their business.”
Pielsticker, founded the company in 2010. The company was bootstrapped, profitable, and has grown 330% in the past three years with best-in-class unit economics. It is taking on this investment in order to best scale and meet the rapid demand for its solutions in the market.
In an evolving workplace landscape, ContactMonkey is a one-stop solution for connecting and engaging employees from anywhere. The platform seamlessly integrates with users’ preferred email client, including Microsoft Outlook and Gmail as well as SMS, Microsoft Teams, and Human Resource Information Systems (HRIS) such as Workday, ADP, SAP and more. This versatility empowers communicators to reach every corner of their organization, ensuring that essential company announcements, life-saving alerts, and critical updates are delivered promptly to all employees.
Through powerful engagement analytics, ContactMonkey allows users to build segmented employee lists, collect real-time feedback, and leverage granular email metrics. These insights empower employers to understand what truly resonates with their teams, enabling them to refine communication strategies for optimal engagement.
This new investment from Updata will help ContactMonkey double down on its success in Canada, Europe, the US and Australia. ContactMonkey will also look to increase its workforce and expand internationally to bring its solutions to new companies across industries and around the world. The company has 80 current employees and expects to double this number in 2024.
Updata Partners works to help bootstrapped CEOs to scale, partnering with the software industry’s emerging leaders.
“ContactMonkey provides a valuable solution as employee engagement becomes a mission critical issue for the C-Suite,” said Braden Snyder, Partner at Updata. “It is impressive what ContactMonkey has achieved as a bootstrapped company, and we are eager to partner with Scott and the team to scale its robust solutions globally.”
As part of the investment, Updata Partner Braden Snyder and Operating Partner Sloan Gaon will join ContactMonkey’s Board of Directors.
The funding is the latest in a series of announcements in recent months: Deloitte named ContactMonkey to its Fast 50 and Fast 500 list and The Globe and Mail ranked ContactMonkey as one of Canada’s Top Growing Companies and
ContactMonkey is an internal email communications platform. Our platform seamlessly integrates with Outlook and Gmail, as well as SMS, Microsoft Teams, and HRIS platforms. This versatility empowers users to reach every corner of their organization, ensuring that essential company announcements, life-saving alerts, and critical updates are delivered promptly to all employees. With data-driven capabilities, ContactMonkey allows you to discover valuable engagement metrics across all your messaging channels. These insights empower you to understand what truly resonates with your employees, enabling you to refine your communication strategies for optimal engagement.
About Updata Partners
Updata Partners is a leading technology-focused growth equity firm in Washington D.C. with over $1.5 billion in committed capital. Led by an investment team averaging more than 25 years of technology experience, Updata invests in high-growth B2B software and software-driven businesses where the combination of capital and operating experience will help accelerate success. For more information, visit updata.com.