Socialsuite Closes Venture Capital to Drive Positive Global Change
Written by Damian Hajda
Socialsuite, the global leader in impact management software, today announced the successful VC led capital raising of $1.85M to accelerate growth and consolidate its position as first movers in the emerging impact management software space.
The round was led by AddVenture Fund, with additional investment from Salesforce Ventures as a result of winning the 2018 Salesforce World Tour Sydney PitchComp. This adds to the impressive list of investors which include Murray Bleach (former non-executive director IFM Investors) and Warwick Grigor (Far East Capital).
Co-Founders Dr Clara Ong and Damian Hajda said the successful capital raise validates the vision that was set out four years ago, which was to create a technology platform that helps organisations around the world demonstrate the impact they are having on social and environmental issues.
Socialsuite CEO Brad Gurrie said the closing of capital raise comes at a great time as Socialsiute is experiencing unprecedented demand as organisations across the globe embrace the “impact revolution” and “profit with purpose”.
“Organisations are increasingly expected to produce evidence of their impact and be accountable to not just shareholders, but all stakeholders they affect including Customers, Employees, Communities, Suppliers and the Environment,” Socialsuite CEO Brad Gurrie said.
“Socialsuite’s software as a service (SaaS) platform measures and reports an organisation’s ‘impact’ similar to how accounting software is used to report on financial performance. Its purpose is to employ the same rigour to impact measurement as there has been for hundreds of years around commercial and financial reporting. Australasia is well known for developing multi-billion-dollar accounting tech companies including MYOB (ASX:MYO) and XERO (ASX:XRO). We are inspired by their success.” Gurrie said.
“Socialsuite currently has clients in Australia, Canada, South America, UK and USA which proves it is a globally scalable SaaS platform,” Gurrie said.
“Corporates use Socialsuite to better inform their corporate sustainability initiatives. NFPs and charities use it to improve their services and report to funders. Governments use it to measure the effectiveness of their spending to solve community issues.
“In the past 12 months Marks and Spencer (UK), Salvation Army, Poverty Stoplight (Paraguay), Scope and St George Community Housing are just a few of the organisations that have signed up to Socialsuite to report their impact. Other customers include Australia Post, YMCA, and State Emergency Services (SES) and an ASX top 20 company. Bendigo Adelaide Bank recently commenced trialling Socialsuite.
“Socialsuite is also gaining early traction with impact investors such as superannuation funds, banks and foundations that are want to report the impact of their investments in addition to the financial returns,” Gurrie said.
About Socialsuite: Founded in 2014, Socialsuite is the global leader in Impact Management Software. Socialsuite is backed by a world-class board and executive team and has customers across the globe.
Socialsuite’s software simplifies the complexity of impact management for corporates, not-for-profits/charities, NGO’s, governments, foundations, management consultants and impact investors.
The easy-to-use software provides automated data collections across multiple stakeholder groups over time, using any impact measurement methodology and produces actionable impact reports.
Socialsuite supports over 100 measurement methodologies on its marketplace that have been developed by third-party impact experts.
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