UK and India based virtual workspace solutions firm raised £1 million in seed funding round to chart its global expansion plan.
Software as a Service (SaaS) platform Wurkr is the latest to cash in on the rapidly proliferating remote working trend around the world, a so-called office in the Cloud.
The UK and India based start-up, which enables teams to work together from anywhere in an immersive virtual workspace, has raised over £1 million in seed funding to fuel the next stage of its growth.
Hindustan Media Ventures Limited (HMVL), one of India’s leading media companies, led the funding round with an investment of £700,000, and £188,000 was raised through equity crowdfunding platform Seedrs, where Wurkr beat its original funding target by 25 per cent with over 200 investors taking part.
Angel investor Yan van de Velde committed £100,000 as part of the Seedrs lead investment round, and an additional £100,000. Wurkr also exercised a Convertible Loan Note to secure further cashflow.
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Annil Chandel, CEO & Co-founder, Wurkr, said: “We’re delighted with the outcome of our fundraising efforts. Wurkr is emerging as a start-up success story, as we worked to expand during the pandemic crisis in an economically challenging landscape.
“Since our launch, we were able to develop the business without government grants, and this seed funding round helps to position us strongly for the next phase of our growth strategy. The incredibly high calibre of our investors is testament to the very real and needed solution that Wurkr’s platform brings to the market.”
Since its launch in 2018, Wurkr has expanded in the UK and Indian markets, with 88,000 subscribers and 2,400 organisations now using its product. Wurkr’s subscriber base has seen a 1,000 per cent increase in the past year alone.
Anirudh Singhal, Head of Strategic Investment at HMVL, said: “I believe Wurkr is a revolutionary platform that will change the way in which we operate.
“It will help companies rationalise their cost structure and yet allow employees to collaborate seamlessly and freely from anywhere. We are excited to partner with the company in its growth journey.”
Angel investor Yan van de Velde added: “We are in a new digital age and the world is still catching up with this new way of working – transitioning to the future of course comes with a lot of new challenges.
“Wurkr is helping businesses adapt to the future and is addressing these challenges to make remote working easier and more efficient for everyone, something that bigger players out there often overlook.”
Wurkr said the proceeds of this seed funding round will be used by the company to accelerate global growth, expand the team, further develop the product and maximise advertising and marketing activities.
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The work from home trend increased exponentially over the past decade, driven by advancements in digital technology, and the Covid-19 crisis precipitated a more fundamental shift in the future of the workplace. Post-pandemic, YouGov estimates that 57 per cent of people want to continue working from home or another location. As organisations of all sectors and sizes look to introduce a more hybrid and flexible way of working, demand for solutions that cater to this need will only get stronger.
Wurkr’s virtual workplace management platform addresses this gap in the market by replicating a physical office environment in the Cloud, backed by video technology. It claims its solution is unique as it solves the productivity and isolation constraints associated with traditional remote working models, allowing distributed teams to work together in a more engaged and collaborative way.
Founded in 2018, Wurkr describes itself as a single, comprehensive virtual workplace SaaS-based management platform that combines the strongest benefits of working from anywhere and being physically present with your colleagues.
“Wurkr’s immersive experience empowers people to feel like a valued part of a team, to effectively connect and collaborate with their colleagues from wherever they happen to be located at the time,” notes the company’s mission statement.