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”.
He said: “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’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.”
Socialsuite is used by corporates 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.
Brad Gurrie added: “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.”
Socialsuite is a data collection platform and mobile app with an online marketplace of validated impact measurement metrics to report effectiveness of solutions to social problems.
Socialsuite enables organisations to improve services and secure funding, and lets funders better deploy capital to effective projects.