Quinyx Raises $50 Million to Transform the Way Businesses Manage Their Hourly Workforce

Rhea-AI Summary

Quinyx, a leader in AI-powered workforce management, has secured $50M in funding led by Battery Ventures. The investment aims to bolster Quinyx's growth amidst a labor shortage affecting various industries. The company’s software enhances productivity for notable clients, including Oatly, McDonald’s, and DHL, by streamlining labor processes. CEO Erik Fjellborg emphasizes the importance of this funding for driving innovation and improving the hourly workforce’s experience. The demand for effective labor management tools has surged due to ongoing economic challenges.

Positive

• Secured $50M in funding, enhancing Quinyx's financial stability.
• Strong client base includes major companies like McDonald's, Sysco, and DHL.
• Increased demand for workforce management solutions due to labor shortages.

Negative

• None.

BOSTON--(BUSINESS WIRE)-- Quinyx, the leader in AI powered workforce management (WFM), announced it has raised $50M in funding led by Battery Ventures.

Erik Fjellborg - CEO Quinyx (Photo: Business Wire)

Quinyx’s AI-powered workforce management software enables organizations to automate, optimize and streamline their labor processes, while simultaneously empowering and engaging their employees. The platform already helps customers around the world - including McDonald’s, Sysco, Domino’s, Maersk, IHG, and DHL - improve productivity, drive business outcomes and enhance the employee experience.

Quinyx has experienced colossal growth over the past year. This success reflects the strenuous demand for organizations hiring an hourly workforce to do more with less as a labor shortage puts a squeeze on businesses’ operations.

“Quinyx’s technology can’t fix the current labor shortage, but it can help employers—from retail stores, to supply chain, to hospitality companies—better manage the employees they have,” said Michael Brown, a general partner at Battery Ventures who led the current funding round. He added: “We continue to be impressed by Quinyx’s growth and are excited to see the company scale even further in the current economic environment.”

As reports of empty supermarket shelves, supply chain disruption and a scarcity of hospitality staff dominate the news cycle, it is crucial for businesses to rethink labor management and the employee experience in order to increase staff retention and productivity.

“We are excited about the funding which will enable us to accelerate innovation and expansion - supporting our mission to better the lives of millions of hourly workers. Today’s announcement is a game-changer for the workforce management industry and businesses at large.” said Erik Fjellborg, Founder and CEO of Quinyx. “The pandemic has fundamentally altered when and where the workforce wants to work, while covid-related obstacles have added to the challenges organizations face. Hourly workers and the companies employing them have always been at the center of our product and everything we do. Our next generation technology places us at the forefront of a market eager for innovation.”

About Quinyx

Quinyx is a leading workforce management software providing technology that simplifies scheduling, time reporting, communication, task management, budgeting and forecasting. Through advanced and flexible features, Quinyx helps companies around the world remain compliant, improve efficiency, reduce costs of labor and engage employees.

Today, Quinyx helps some of the world’s biggest businesses save time and money, boost productivity and enjoy work. Quinyx has offices in the U.S, U.K , Australia, Sweden, Finland, Germany, Norway, Denmark and the Netherlands. Its software has also been implemented globally. Clients include McDonald’s, Domino’s, Oatly, Well Pharmacy, Maersk, Sysco, Virgin Atlantic, Palace Entertainment, IHG, Rituals, Swarovski, Odeon Cinemas Group, and DHL.

Quinyx is backed by leading SaaS investors Alfvén & Didriksson, Battery Ventures and Zobito.

About Battery Ventures

Battery partners with exceptional founders and management teams developing category-defining businesses in markets including software and services, enterprise infrastructure, online marketplaces, healthcare IT and industrial technology. Founded in 1983, the firm backs companies at all stages, ranging from seed and early to growth and buyout, and invests globally from six strategic locations: Boston; San Francisco and Menlo Park, Calif.; Herzliya, Israel; London; and New York. Follow the firm on Twitter @BatteryVentures, visit our website at www.battery.com and find a full list of Battery's portfolio companies here.

About Alfvén & Didriksson

Alfvén & Didrikson is an active and long-term backer of passionate entrepreneurs and teams with international growth ambitions. Since the start in 2010, the firm has focused on making investments in fast-growing Northern European companies, such as Trustly group and Quinyx. For further information about the team and the investments please see alfvendidrikson.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20211130005226/en/

North American Media Enquiries

Laurie Pace

(+1) 85 72 96 74 33

laurie.pace@quinyx.com

Source: Quinyx

FAQ

What is Quinyx's recent funding amount?

Quinyx has raised $50M in funding.

Who led the funding round for Quinyx?

The funding round was led by Battery Ventures.

How does Quinyx's software benefit companies?

Quinyx's software automates and optimizes labor processes, improving productivity and employee engagement.

Which notable companies are clients of Quinyx?

Notable clients include McDonald's, Sysco, Domino's, and Oatly.

Why is there a demand for workforce management solutions?

There is a rising demand due to labor shortages and the need for efficient labor management.