eQ8 secures $4m in Series A Funding from OIF Ventures

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Dec 08, 2022, 14:28 ET

Australian-based startup plans to double Austin, TX footprint

AUSTIN, Texas, Dec. 8, 2022 /PRNewswire/ -- eQ8, the world leader in SaaS development and the only end-to-end platform for Strategic Workforce Planning (SWP) and dynamic scenario modeling, today announced it has received its Series A funding from Australian-based OIF Ventures. The investment will support eQ8's continued growth and product innovation as it furthers its mission to help organizations worldwide connect their people to purpose.

"Organizations can no longer assume that the right workforce will just materialize," said Alicia Roach, Co-Founder and Joint CEO. "eQ8 compares business demand versus workforce supply against external labor market and future of work data. This allows our customers to define where they need to go and select the actions required to get there."

According to eQ8 research, over 80% of organizations are unsure if their existing firm contains the right workforce size and shape. Furthermore, over 95% of organizations are unsure of the workforce size and shape they will need in 3-5 years. Current tools in the market are limited to operational planning but fail to address strategic initiatives needed to overhaul an organization's entire workforce.

"The business case for Strategic Workforce Planning is top-line sales and revenue realization. Without the right business capacity, customer delivery suffers. eQ8 is leading the market because it offers comprehensive help in ensuring capacity and capability planning. This is crucial for growing customer delivery and ensure success for costly transformation initiatives," said Anna Osipov, Investor, OIF Ventures.

eQ8 makes this emerging discipline, which spans Finance, Strategy and HR, accessible, by providing key insights into:

The size and shape of the workforce needed (Amount)
Initiatives that will have the biggest impact/ROI (Action)
Shared leadership clarity on future business requirements (Align)

Strategic workforce planning drives leadership clarity and more socially responsible decisions around people.

"In a period of uncertainty, customer demand for our product has lifted as companies must avoid the short-sighted decisions made during the pandemic," says eQ8 Co-Founder Chris Hare. "Increased volatility has crystallized the need for SWP. Leaders must plan."

About eQ8

eQ8, headquartered in Sydney, Australia with a growing presence in Austin, TX, is the only dedicated end-to-end SaaS solution offering scalability and sustainability for total Strategic Workforce Planning success. Led by joint CEOs Alicia Roach and Chris Hare, eQ8 is on a mission to connect people to purpose and democratize Strategic Workforce Planning for the world's leading organizations.

About OIF Ventures

OIF Ventures, an Australian venture capital firm, champions exceptional founders to build the iconic technology businesses of the future. Founded by some of Australia's leading entrepreneurs, business builders and investors with significant investment, operational and strategic experience, we always seek to add material value to the founders and teams we partner with.

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SOURCE eQ8