Produce8 Closes $6M Investment to Accelerate Growth in The Future of Workforce Analytics
An expanded slate of early tech investors supports the need for more data and visibility for remote workers and managers
VANCOUVER, BC, Nov. 29, 2022 /PRNewswire/ - Produce8, a startup SaaS company aiming to reduce distractions and increase productivity for distributed and digital-first teams, is pleased to announce $6M in funding to support strategic growth.
After receiving an initial pre-seed investment from Vancouver-based accelerator, Top Down Ventures in 2020, Produce8 released its early access platform to excitement and interest, culminating in a seed funding round from a select group of tech investors.
"We invested in Produce8 to address a trillion-dollar problem for approximately 75 million North American knowledge workers," said Chris Day, Managing Partner at Top Down Ventures. "Few would argue that the workforce dynamic hasn't been forever changed. Existing solutions have been focused on employee monitoring and productivity enforcement. We believe there is a better way to address the root cause by focusing on people and their individual well being. By analyzing the data from interactions with the apps we use, Produce8 can visualize and understand work patterns, providing constructive feedback on how to repair digital work. By minimizing the impact of collaboration distraction and work fragmentation, teams can reduce digital burnout and ultimately manage remote work better."
By leveraging a remote-first distributed work model — led by an experienced team of co-founders — Produce8 has assembled a talented team of over 20 staff that drive its continued growth and development.
"We're thrilled to have this financial backing as well as meaningful engagement from all our stakeholders," said Mark Scott, Co-Founder of Produce8, Founder of N-Able Technologies, and President of Fully Managed by Telus Business, an award-winning managed service provider (MSP). "Through our discussions with remote teams, as well as interactions with beta and early access users currently leveraging Produce8, we feel incredibly validated in our product direction and excited for this next stage of our growth."
According to The Information Overload Research Group, American knowledge workers waste 25% of time interacting with data streams — including Slack, Zoom, and other digital tools — costing businesses $997 billion annually.
To help users and their teams understand their interactions with technology and each other, Produce8 will offer clear digital work data with its initial launch:
- Insights to quantify time lost across all apps and workflows
- Impactful measurement to improve team collaboration
- Tech utilization for greater productivity and wellbeing
The company plans to launch into the IT Services market at the start of 2023 with expectations to expand across other industry verticals in quick succession.
"We'll always stay true to our MSP roots, but our entire team—including our investors—are looking forward to sharing the innovation of this industry with the broader knowledge worker market," said Joel Abramson, Co-Founder of Produce8, Partner at Top Down Ventures, and CSO at Fully Managed by Telus Business. "We know the demand for what we're doing goes beyond MSP businesses directly to their clients. We are also very confident that larger enterprises can benefit greatly."
Earlier this year, Produce8 exhibited and presented on stage as a beta startup at the Collision tech conference in Toronto, and also showcased at DattonCon and XChange NexGen MSP Conferences. In November, Produce8 attended the SaaS North event in Ottawa.
As Produce8 finishes its early access program, it continues to work with engaged users to finetune its product and address the needs of modern digital teams. The company has also been building cooperative partnerships with fellow future-of-work-minded organizations, including 4 Day Week Global.
Produce8 is a digital work analytics platform that helps distributed and digital-first teams measure and understand their interactions with their technology and each other. Surfacing teams' digital work habits and patterns reveals the realities of their workflows and provides the data required to support making changes that optimize team efficacy.
Founded in 2015, Top Down Ventures is a venture capital firm based in Vancouver, Canada, providing capital and scaling expertise for emerging software companies.
To learn more, visit www.produce8.com. You can also follow us on LinkedIn or Twitter @Produce8HQ.
SOURCE Produce8
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