MediaIn The News: Socialsuite secures $1.5 million funding as social issues increase pressures on not-for-profits

August 24, 2020by Socialsuite

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Socialsuite secures $1.5 million funding as social issues increase pressures on not-for-profits

 

The technology platform that is helping organisations across the globe solve complex social issues

 

MELBOURNE, 24th August 2020 — Social impact technology company, Socialsuite, has secured $1.5 million in their latest funding round, led by Australian based Tidal Ventures and including Salesforce Ventures in May this year.

Socialsuite gathers feedback and sentiment which provides insights to help manage social issues. Its customers include charities, philanthropic foundations, government and companies, including Scope, Salvation Army and YMCA.  

The investment follows significant momentum this quarter (May – July) which saw:

  • 80% increased in customer growth Year-on-Year
  • More than 1,000 organisations signing up to Socialsuite’s Free COVID-19 Social Impact Assessment
  • The World Summit Award for Sustainable Development Goal technology
  • Expansion into the US
  • The launch of the innovative ‘lite’ social impact solution  

The proceeds from the capital raise will be used to support growth and continue to enhance the product.  

“The demand for Socialsuite has been growing over recent years but due to recent events, including bushfires in Australia, COVID-19 and rising social inequality movements, we have seen an exponential increase in demand,” says Socialsuite CEO, Brad Gurrie. 

“With trillions of dollars flowing into social programs and demand for services increasing, there is a critical need for Socialsuite. This was illustrated in the midst of the coronavirus pandemic, when we launched the Free COVID-19 Social Impact Assessment. More than 1,000 organisations signed up in just a few weeks to monitor the social impact of COVID-19 on their people. The tool helps organisations to understand what help people might need with stress, resilience and loneliness. These key learnings have helped shape the launch of a ‘lite’ product that will address the needs of charities around the world,” says Gurrie.

“Now more than ever, charities around the world are struggling to keep up with demand for their support, accept donations and demonstrate the impact of their programs. Socialsuite is able to help not-for-profits to monitor the impact of their programs and report back to stakeholders.”

“The Free COVID-19 Social Impact Assessment is a great example of our joint focus on providing rapid support to organisations trying to support their employees and stakeholders to react to the COVID-19 pandemic,” says Rob Keith, Head of Australia, Salesforce Ventures.

“Since making our initial investment in Socialsuite, we have seen the team make significant progress in delivering a capable social impact measurement platform for local and international markets. Socialsuite’s growing collection of assessment methodologies provide relevant solutions addressing the community, corporate and environmental challenges we are facing globally,” says Wendell Keuneman, general partner at Tidal Ventures.

Founded by Dr Clara Ong and Damian Hajda in 2015, Socialsuite initially focused on working with corporate social responsibility programs before extending its offering to work with charities and foundations.

Building on this momentum, the business will explore fast-tracking its Series A capital raise to allow it to scale rapidly as the world shifts its focus to social issues.

 

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Media enquiries

Ellie Williams

Palermo PR

ellie@palermopr.com.au

+61 (0)409 533337

 

About Socialsuite

Socialsuite produces technology that helps a diverse range of organisations monitor their impact on people. It is a global leader in impact-management software.

Socialsuite’s simple, easy to use technology rigorously measures the potency of social investment programs to greatly enhance accountability reporting.

Its automated data-collection, analysis and reporting tools provide accurate and timely insights for organisations that need to monitor and understand the impact of their initiatives.

Socialsuite’s one-click access to interactive, tailored and dynamic reports help governments, corporate and philanthropic investors determine the best use of their capital. Its data collection and analysis tools help companies and NGOs understand if their actions are meeting objectives.

For consultants and analysts, the Socialsuite platform provides a worldwide audience for their own impact measurement metrics, opening the door to ‘big data’ analysis and global benchmarking.

Socialsuite is a fast-growing global company based in Melbourne, Australia. It has clients across Asia Pacific, Americas and Europe. They include financial institutions, large companies, government agencies, philanthropic foundations, not-for-profits and NGOs that want to monitor and fully understand how they impact people.

 

About Salesforce Ventures

Salesforce is the global leader in Customer Relationship Management (CRM), bringing companies closer to their customers in the digital age. Salesforce Ventures, the global investment arm of Salesforce, invests in the next generation of enterprise technology that extends the power of the Salesforce Platform. Salesforce Ventures is building the world’s largest ecosystem of enterprise cloud companies and extending that technology to customers. Portfolio companies receive funding, strategic advisory and operating support, and can easily join Pledge 1% to make giving back part of their business model. Salesforce Ventures has invested in more than 375 companies, including DocuSign, GoCardless, Guild Education, nCino, Twilio, Zoom and others across 22 countries since 2009. For more information, please visit www.salesforce.com/ventures 

 

About Tidal Ventures

Tidal Ventures is a Seed venture capital fund based in Sydney and New York founded by a product-minded investment team from Atlassian and Yahoo.