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After creating new connections for 50,000 employees, we’ve raised $7M in funding

Tuesday November 8, 2022

Read our announcement in TechCrunch

Michael McCarroll, co-founder & CEO, Teamraderie 

Today we’re excited to share that Teamraderie has raised $7M in Series A funding led by Founders Fund. Investments by Heroic Ventures, DashAngels, Moving Capital, and Overtime.vc complete this funding round. As part of the round, we’re also welcoming more than a dozen Chief Human Resources Officers and Chief People Officers as angel investors. To guide our product efforts, HR thought leader Josh Bersin is joining our Advisory Board, which already consists of renowned experts like Harvard Business School’s Frances Frei and Anne Morriss and Stanford’s Bob Sutton. We are grateful for the valuable contributions and guidance from Alan Grebene, Elizabeth Carducci, RJ Milnor, and David Liu.

For the past two years, the conversation in most companies has been about where we work – remote, hybrid, or in-person. As the world returns to normal, there has been a collective realization that the opportunity to work from an office does not – on its own – create connection and culture. This is why – even as many teams began working in offices again – global surveys showed employee experience in decline and attrition rates rising. Employers and employees want purpose, intention, and care no matter where they work.

This is where Teamraderie comes in. 

Teamraderie powers shared team experiences that use research from Harvard Business School, Stanford University, MIT, and the University of Chicago that help teams become more inclusive, engaging, supportive and productive. Through our activities, teams and managers practice being inclusive, caring, and considerate, so that they inevitably create new norms and in-turn, improve performance. 

“Teamraderie has seen remarkable traction in a very short period of time because they completely rethink how companies approach L&D, offsites, and bonding for today’s workplace,” said Keith Rabois, General Partner, Founders Fund. “Their academic research-driven approach allows companies to measure the efficacy of these programs like never possible before.”  

We leverage global experts to host our experiences. Here are just a few:

  • Two of the first gymnasts to earn a “perfect 10” in the Olympics, Nadia Comaneci and Bart Conner help teams rethink what “perfection” is in the context of their own lives; 
  • 2021 Pulitzer Prize winner Marcia Chatelain uses lessons from history to help teams think about their efforts toward social change; 
  • Chess Grandmaster and former President of the Human Rights Foundation Garry Kasparov helps teams translate lessons from chess to business; 
  • Celebrity fitness trainer Ramona Braganza teaches short exercises you do at your desk to stimulate mental activity throughout the day. 

We’ve come a long way since we launched in January 2021. Today, Teamraderie has customers in 50 countries, with over 200 companies relying on us for team engagement and performance, including teams at large global businesses like Google, IBM, Twitter, Cisco, Microsoft and Intuit, as well as startups like ArmoredThings, Harness, and Neumora. Each was so excited about the product, they shared their amazing experiences with Teamraderie on LinkedIn. 

Companies that leverage Teamraderie see an average of 30% reduction in attrition and meaningful boosts in manager approval ratings. They are recording improvement in how employees perceive their managers and leaders. Most importantly, we hear teams say they are more connected, cohesive, and productive when they share Teamraderie experiences.

Since we started offering subscriptions earlier this year, we’ve seen a doubling in subscription revenue each quarter. The new capital will help us scale up the team to accelerate growth, launch new programs with incredible new hosts, and build out our product offering. This is only the beginning for us on an exciting journey to transform how teams connect so that we can positively impact the overall business in a profound way. If you’re interested in seeing how Teamraderie can work for your team or company, you can explore our experiences!

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