Firstbase raises $50 Million in Series B funding
The company now intends to further its rapid growth.
Why You Should Care
Employee experience has never been so important as millions leave the workforce.
Discover how Firstbase has tapped into this market and what it plans to do next.
Employee experience management has seen a huge wave of interest amid the pandemic and new working routines. Whether it was millions leaving the workforce or office spaces becoming vacant, employers have been prompted to take steps to manage employee experience.
In fact, in a recent Monster Intelligence Future of Work 2022 survey, it was found that 43% of employers think hybrid is the way of the future and 40% said flexible work options help them retain talent. With this in mind, companies undoubtedly need to make a shift to addressing the needs of geographically dispersed employees.
This climate has led to considerable investment in HR platforms. The latest company to receive significant funding is Firstbase. The company offers remote infrastructure for global teams and on the back of this, has managed to attract $50 million in investment as part of its Series B round of funding.
The round was led by Kleiner Perkins, and existing investors like Andreessen Horowitz, Alpaca VC, and Forum Ventures also participated. The company’s total funding to date is now $65 million.
A key selling point of Firstbase is its focus on building the Employee Experience Management (EXM) platform for modern work. The platform allows businesses to automate onboarding, offboarding, and the upgrading of equipment whether physical or digital.
Reflecting on the importance of the company’s work, Chris Herd, co-founder and CEO of Firstbase, said: “The Great Reset is underway for today’s workforce. The millions of people who left unfulfilling jobs are in search of new opportunities with greater flexibility.
“The ability to work remotely is no longer a perk, it’s a requirement, differentiating companies in recruiting and helping them retain and attract great employees. Going remote is broken. It’s expensive and time-consuming and can lead to bad employee experiences.
“Businesses need to adjust everything from HR to IT to facilities to efficiently offer a seamless, enjoyable employee experience.”
What’s next for Firstbase?
Since April 2021, Firstbase has seen its customer base grow by seven times year-over-year and subsequently seen a revenue increase by 15 times.
To continue this impressive growth the company will use its investment in hiring, product development, operations, and geographic expansion.
Looking at the company’s journey, Kleiner Perkins’ Josh Coyne, who was appointed to Firstbase’s board of directors, commented: “The past two years have shown the more than 255 million desk workers globally that work can be done from anywhere.
“For employers, the cross-functional logistics of supporting remote workers can be daunting: ordering, shipping, setting up, managing, securing, repairing and eventually collecting the physical assets to enable employees is a huge operational undertaking.”
This is where the company becomes essential, and Coyne noted: “Firstbase is defining a new category of remote employee experience management, which uniquely positions the team to help companies manage this difficult transition to a productive work-from-anywhere environment.”
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Senior Journalist
Dan combines his first-hand experience alongside the latest news and opinions in the HR Technology space.
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