After 4 years in business, Israeli HR tech startup, Eloops, announces the closing of a $2 million Seed round. Leading the investment is High Biz, with participation from Fusion LA, S. Hamama, and private investors.
Eloops has developed a virtual employee engagement platform, a sort of internal social media for enterprises. We jumped on a call with Eloops CEO, Idan Shem Tov, who explained that employees who use Eloops can earn virtual coins through a variety of interactive activities, such as surveys, fitness and cooking challenges, quizzes and trivia, and a treasure chest of other engaging games and activities. Eloops offers a virtual store, where coins can be redeemed for some pretty cool prizes, including gift cards, days off, and “even the opportunity to score the CEO’s parkings space for a day,” says Shem Tov.
The main twist Eloops offers is that you can’t redeem the coins for yourself, but rather you gift them to your co-workers. The coins only become redeemable after you have sent them to or received them from other people in the company. “It helps improve interaction between employees, who support and complement each other.” A year after implementing its platform in Hertz Israel, Eloops reports that 95% of employees have downloaded the app, with 86% of them new users, and 80% of users testified that the gamification app will increase their time in enterprise procedures.
Eloops was founded in 2017 by CEO Idan Shem Tov, COO Sharon Dayag, CTO Naor Melamed, and CMO Tal Groder. As we mentioned, this is Eloops first ever funding round in its 4 years in existence. When we asked Shem Tov how the company survived for so long without any sort of funding, he claimed that Eloops had secured a modest Pre-Seed round that helped achieve market fit. Additionally, he mentions that the company has been able to grow through increasing sales. “Once we felt like we met our goals, we set off on our Seed journey.”
Eloops already lists a pretty impressive list of partners and customers, including Leumi Bank, Matrix, Estee Lauder, Carlsberg, Hertz, and many more. While the company expects many more enterprises to jump on the gamified corporate culture train as we endeavor deeper into the hybrid workplace.