September 29, 2010
Rypple, the social software that makes feedback easy, closed $7m funding round yesterday. Based in Toronto, Canada, the two-year-old startup plans to use the funds for expanding the San Francisco new office.
In the round led by Bridgescale Partners, participated Extreme Venture Partners, Edgestone Capital Ventures, Seymour Schulich, Peter Thiel, Joe Sigelman and Roger Martin. The company’s board of directors will include Bridgescale partner Howard Gwin and Rotman School of Management Dean, Roger Martin. With previous rounds of financing coming from Peter Thiel, Facebook investor and Extreme Venture Partners, the total amount of money that Rypple has raised so far is $13m.
Unlike most traditional cumbersome HR software, focused on filling-out forms and not getting the information to those who need it, Rypple was designed to help people do their jobs better. What managers and employees expect from HR software is to focus on results, not on the process, with frequently and effectively delivered feedback.
By enabling the process of continuous feedback, Rypple allows employees learn faster and aim their targets. An obvious improvement in employee focus and performance has been reported by the company’s customers. The idea is that people are using Rypple not because they are obliged to do it, but because they actually like it, Daniel Debow, co-CEO at Rypple officially stated.
Customers consider Rypple a brilliantly efficient tool, ground-breaking for providing timely feedback and encouraging advancement, using top-notch social web design. Mozilla, Digg, Adaptive Path, Vivaki and Rackspace are only a few of the innovative companies that are Rypple’s customers. The way the company has grown so far has mainly been through word-of-mouth marketing.
According to the company’s description of the software, feedback is shared on the fly, directly linked to goals and actions, captured in one place, also enabling ideas and comments to be shared by everyone. This means Rypple is fast, relevant, efficient and social.