Workvivo doubles staff as it secures fresh investment

Workvivo founders John Goulding and Joe Lennon.

The Cork-based arm of employee communications software company Workvivo last year more than doubled the size of its workforce to 54 as it continued to expand.

That is according to new accounts which disclose that Workvivo in February of this year “received a further substantial investment” from US investment firm Tiger Global Management and Oldship Ferry.

The note states that in return for the investment, each party received preferred shares in the company.

Tiger Global has already invested in the Collison brothers’ Stripe.

The new accounts for WorkVivo show it recorded losses of €4.86m in 2021 on top of losses of €1.51m in 2020.

The firm incurred the sharp increase in losses as its revenues increased more than fourfold, from €1.5m to €6.43m.

At the same time, the firm's workforce here increased from 22 to 54 as staff costs jumped from €1.87m to €5.05m. Directors’ pay also increased from €288,721 to €347,105.

The firm confirmed the €4.86m loss for the year and pointed out that the firm “has substantial cash balances in the bank at the year end in the amount of €10.1m".

Some of Workvivo’s clients include Amazon, Tellus International, and VMWare. 

At the end of December last year, the firm had shareholder funds of €8.89m made up of a share premium account of €15.5m offset by accumulated losses of €6.6m.

The firm is led by John Goulding, who owns the majority shareholding in the company at 51.99% while director Joe Lennon held  22.28% of  shares.