ShiftOne Secures $2.6 Million Seed Follow On
ShiftOne, the employee retention tool proven to cut restaurant turnover probability in half, finalized a $2.6 million supplement to its seed funding led by The Entrepreneurs’ Fund.
Initial seed investor Bowery Capital returned to participate in the new round alongside newcomer NRD Capital, the restaurant-centric private equity firm whose portfolio includes iconic brands such as Ruby Tuesday.
"ShiftOne is revolutionizing the engagement of the modern day workforce, and we're excited to partner with Ashish and his team," says NRD Capital founder and Managing Partner Aziz Hashim. "Investing in technology tools which help operators better manage their business is a key principle of NRD Capital, and aligning with others who share this same value - such as ShiftOne - is rewarding. We look forward to partnering with them in their continued growth."
The news also came after three quarters of concentrated product refinement during which ShiftOne released major enhancements to its platform; launched its new artificial intelligence-driven performance analysis and attrition risk assessment tool, Smart Alerts; and began development on a much-anticipated feature that will give operators the ability to create their own personalized competitions for staff that key automatically off of Point-of-Sale and Guest Satisfaction data.
"ShiftOne has been an invaluable asset in our efforts to motivate, engage, and retain our hourly team members. At Dave and Buster's, we're all about play, and ShiftOne injects an element of that ethos into the workday while providing managers with the tools to support and keep employees,” adds Chris Schricker, Director of Training at Dave and Buster’s. “The platform is highly adaptable to our unique needs, and the ShiftOne team is constantly adding new features to enhance the value. We look forward to a long partnership."
ShiftOne will leverage the new capital to further expand its product and sales teams, with the goal of implementing ambitious new features and bringing the platform, already empirically proven to boost KPIs by up to 10% within two months, to new enterprise brands.
"ShiftOne is mitigating the single costliest dilemma facing companies with hourly team members: rampant turnover rates," says Michael Brown, principal at Bowery Capital. "This platform is the future of frontline work."