CPE News (6/29/2020) – Fulcrum Management Solutions Ltd. dba Thoughtexchange has raised $10 million in Series B add-on funding led by Information Venture Partners (IVP) with participation from Yaletown Partners and Voyager Capital.
IVP led the initial $20 million Series B in December 2019.
Rossland, BC based Thoughtexchange helps leaders crowdsource answers to open-ended questions with groups of 10-100,000 people. Simple software ensures everyone is heard, everyone learns and important ideas emerge. Thoughtexchange uses patented data analysis and AI to provide deep insights to decision leaders so they can take actions that have buy-in.
photo credit: Thoughtexchange
Thoughtexchange Closes Additional $10M Financing Following a 600% Growth Surge
ROSSLAND, BC, June 29, 2020 (GLOBE NEWSWIRE) — Thoughtexchange, the world’s leading crowd conversation tool for leaders, today announced that it has raised a further $10M in financing as a result of surging growth. The company has seen usage of its platform jump by over 600% since March as leaders across the globe have sought new and dynamic ways to connect and scale virtual conversations with their teams and communities.
Only six months after leading the company’s $20M Series B financing, Information Venture Partners (Toronto) also led the current investment, with participation again coming from Yaletown Partners (Vancouver) and Voyager Capital (Seattle).
Usage of Thoughtexchange’s crowd conversation platform has seen sharp increases across numerous sectors from the very earliest days of the global lockdown. The dramatic acceleration in the shift to remote workforces has led to scalable virtual conversations becoming business-critical for leaders.
“We’ve seen an entirely different workplace emerge over the past few months and many of the old business practices won’t exist into the future,” commented Robert Antoniades, Co-founder of Information Venture Partners. “The future of work demands new tools. It will require transparency and open interactive communication about more issues than ever, not just with employees, but customers and all stakeholders alike. Thoughtexchange has shown itself to hold a unique position in this space. We’re incredibly excited to support that mission and to see it continue to grow.”
Leaders leverage the platform to hold difficult and critical conversations ranging from anti-racism and inclusion to solving COVID-19 related challenges such as remote work optimization and mental health. The Thoughtexchange platform allows leaders to ask an open-ended question to groups of anywhere from ten, to tens of thousands of people. Participants provide anonymized answers in their own words and then interact with the ideas of others, rating those they agree and disagree with. The most important thoughts rise to the top and leaders are able to use these unbiased crowd insights to inform critical decisions in real-time.
“The pandemic turned the world on its head overnight. Incredible strain has been put on leaders and their ability to interact with their teams and communities at scale and speed,” said Dave MacLeod, CEO at Thoughtexchange. “Understanding the most important things that need to be addressed right now and tapping group intelligence to inform critical decisions has proven vital for leaders. It’s never been more important to have open, transparent and bias-free conversations within our teams and communities and we’re incredibly excited to be at the forefront of enabling those for so many.”
Thoughtexchange’s SaaS platform is used by a growing list of Fortune 500 companies, including McDonald’s, Allstate Insurance and American Airlines, thousands of education leaders across the globe as well as healthcare organizations, governments and leading technology startups. It is one of Canada’s fastest-growing companies.
Thoughtexchange’s software allows leaders to have a conversation with a crowd of 10-100,000 people, in person or virtually. The technology ensures everyone in the crowd is heard, everyone learns and the most important ideas emerge. Patented data analysis and AI provides deep insights and surfaces similarities and actionable intelligence to help leaders make better-informed decisions that have buy-in. Thoughtexchange is headquartered in Rossland, British Columbia.
For more information, please visit www.thoughtexchange.com
About Information Venture Partners
Information Venture Partners is a Toronto-based team of experienced venture capital investors focused on backing the next generation of leaders in B2B FinTech and Enterprise SaaS. Current investments include BigID, Coconut Software, Flybits, Knowtions, LendingFront, PostBeyond, Procurify, Q4, Sensibill, YayPay, Thoughtexchange, Verafin and Cinchy.
For more information, please visit http://www.informationvp.com
About Yaletown Partners
Yaletown is a leading Canadian IoT and Cleantech investor focusing on Intelligent Industry companies. Its investments enable the application of data and technologies to digitally transform traditional industries, drive innovation, create operational efficiencies and reduce the impact of climate change. In 2017, Yaletown received the CVCA’s Venture Capital Deal of the Year award for its investment in BitStew, Canada’s largest venture financed exit of 2016. Backed by leading institutional investors, including pension funds, and a network of successful technology entrepreneurs, Yaletown has offices in Vancouver, Calgary, Toronto and Montreal.
For more information, please visit www.yaletown.com
About Voyager Capital
Since 1997, Voyager Capital has focused on first-round venture investments to help entrepreneurs in the Pacific Northwest create winning businesses. Built on the team’s extensive experience with startups and its exceptional network across the industry, the firm’s entrepreneur-centric approach accelerates the pace at which companies can build, execute, pivot and scale. Voyager has $520M under management investing in B2B software, cloud infrastructure, and applications driven by AI and machine learning. With offices in Seattle, Wash., Portland, Ore., and Vancouver, BC, Voyager provides its portfolio the unwavering support and stage-appropriate connections needed to disrupt markets and create sustainable competitive advantage.
For more information, please visit https://www.voyagercapital.com/
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Source: Private Capital Journal