Axa Venture Partners, a corporate venturing subsidiary of insurance firm Axa, led a €25m ($27.2m) series B round for France-based enterprise automation software developer InsideBoard on Wednesday.
The round also featured Orange Digital Ventures, the investment arm of telecommunications firm Orange, in addition to fund manager Entrepreneur Venture and Isai Cap Venture, a vehicle run by real estate investment firm Alpha Capital Partners.
Founded in 2014, InsideBoard offers an employee engagement software platform that helps boost the performance of workers through features such as gamified training and dashboards that highlight personal accomplishments.
The software also incorporates tools for training new employees. It is driven by artificial intelligence-based analytics and can be tailored to an employer’s objective-based performance assessments
The series B cash will be utilised to refine InsideBoard’s product and expand its foothold in overseas markets including the US. Proceeds will also fund a recruitment drive as it prepares to launch a new iteration of its software.
The company had secured $5m in a 2017 round that inclded Banque Populaire Val de France, a subsidiary of regional and mutual banking group BPCE, as well as Entrepreneur Venture and state-owned investment bank BPIfrance.
François Robinet, managing partner at Axa Venture Partners, said: “The Covid-19 crisis will clearly change the way we work and will be a catalyst for the adoption of digital solutions to allow employees and teams to communicate better and companies to transform themselves faster.
“Change management is indeed a key element of success in the transformation of many companies.”