Stockholm-based Quinyx, AI-powered workforce management (WFM) platform, announced that it has raised $50M (approx €44M) in a fresh round of funding led by Battery Ventures.
Quinyx’s software enables organisations to automate, optimise and streamline staffing processes, while simultaneously empowering and engaging employees.
Michael Brown, a general partner at Battery Ventures who led the current funding round, says, “Quinyx’s technology can’t fix the current labour shortage, but it can help employers – from retail stores, to supply chain businesses, to hospitality companies – better manage the employees they have. We are excited to see Quinyx scale even further in the current economic environment.”
Besides Battery Ventures, the company is also backed by SaaS investors such as Alfvén & Didriksson and Zobito.
Funds for innovation and expansion
Quinyx claims to have witnessed massive growth over the past year. According to the company, this growth reflects the demand for organisations hiring an hourly workforce to do more with less, as current shortages of staffing put a squeeze on businesses’ operations.
Erik Fjellborg, Founder and CEO of Quinyx, says, “The pandemic has fundamentally altered when and where the workforce wants to work, while Covid-related obstacles have added to the challenges organisations face. Hourly workers and the companies employing them have always been at the centre of our product and everything we do.”
“We are excited about the funding which will enable us to accelerate innovation and expansion – supporting our mission to better the lives of millions of hourly workers,” adds Fjellborg.
The platform already helps giants such as McDonald’s, Sysco, Domino’s, Maersk, IHG, and DHL to improve productivity, drive business outcomes, and enhance the employee experience.
Quinyx wants to make people and businesses grow
Founded in 2005 by Erik Fjellborg, the company has developed a cloud-based, mobile-first workforce management software that simplifies scheduling, time reporting, communication, task management, budgeting, and forecasting.
According to Quinyx, it helps more than 850 companies around the world improve efficiency, engage employees, comply with regulations, and reduce labour costs.
The company has offices in the US, the UK, Australia, Sweden, Finland, Germany, Norway, Denmark, and the Netherlands. Its software has also been implemented globally in markets and regions such as Europe, North America, China, Japan, and Korea.
In October 2020, Quinyx acquired Amsterdam-based Widget Brain, a startup that uses artificial intelligence to automate and optimise workforce scheduling. The acquisition helped Quinyx to automate its labour optimisation process through Widget Brain’s AI-driven technology.
