SAN FRANCISCO--(BUSINESS WIRE)--Envoy, the leading workplace platform that helps companies reopen safe and flexible workplaces, secured $111 million in Series C funding led by Brookfield Growth, with participation from existing investors Menlo Ventures, Andreessen Horowitz, Initialized Capital, Haystack, and new investors BAM Elevate, Seven Seven Six, Triple Point Capital, Elad Gil, and others. This latest funding round brings the company’s valuation to $1.4 billion.
With the investment, Envoy plans to fuel growth and innovation as it continues to create connected workplaces that people love. Envoy will accelerate hiring across its engineering, product, and design teams to meet an increasing worldwide demand. The company will continue to invest in keeping agile and delivering solutions in real-time as COVID and hybrid work evolve.
Envoy’s workplace platform is built to solve the problems of flexible workplaces where teams split their time between home and the office. It streamlines for companies and their employees the day-to-day processes that can get in the way of great work and community building. People can coordinate schedules with co-workers, book desks and rooms, welcome visitors, receive deliveries, verify COVID vaccination and test result status, and more.
Despite the pandemic, Envoy's growth – in product usage and revenue – has increased dramatically. In the last 12 months, Envoy has added more new revenue than in 2019 and 2020 combined. New employee-focused products like Envoy Protect, which helps companies safely reopen offices, now account for over half of new revenue. New products also drove a 100x increase in employee mobile engagement. In addition, thousands of customers across all verticals, from startups to multinational enterprises, are leveraging their Envoy data to make critical space decisions as employees return.
“When COVID happened, our customers came to us for help. Many needed to reopen for essential workers, but in a safe way that would help their people feel confident about coming back. They knew we could build something with a really great employee experience that people would want to use,” said Larry Gadea, Founder and CEO of Envoy. “We proved that we’re problem solvers who can be agile, build fast, and outpace everyone else.”
Creating the new workplace standard
Brookfield is one of the world’s largest real estate owners, operators, and investors.
Josh Raffaelli, Managing Partner at Brookfield overseeing its growth investing initiatives said, “We talk to our tenants all the time so we know what they’re looking for. Envoy offers a first-class office experience that the customers love and is by far and away the clear market leader. Envoy seized the opportunity to bring people back together in the office in a way that helps employees collaborate efficiently and strengthens company culture.”
“With Brookfield as a strategic partner, Envoy is now positioned to operate every workplace in the world,” said Gadea.
Whether in standalone offices, entire buildings or coworking spaces, Envoy will continue to help companies build community in physical spaces with products that bridge the hybrid gap and connect people. Envoy's commercial real estate solution will support property owners of all sizes and will fast-track the company’s expansion worldwide.
For more about what Envoy’s funding round means for customers and the industry, read Larry Gadea’s blog.
Brookfield is a leading global alternative asset manager with approximately $650 billion of assets under management across real estate, infrastructure, renewable power, private equity and credit. Brookfield owns and operates long-life assets and businesses, many of which form the backbone of the global economy. Brookfield Asset Management is listed on the New York and Toronto stock exchanges under the symbols BAM and BAM.A, respectively.
Brookfield Growth is the technology investment arm of Brookfield. Founded in 2017, Brookfield Growth seeks to partner and invest growth equity into market-leading technology companies that can leverage the diverse real assets and operating businesses that make up the $650 billion Brookfield economy.
For more information, please visit brookfield.com/brookfield-growth.
Envoy empowers over 16,000 workplaces and properties around the globe to redefine how their workplaces run. We connect people, spaces, and data in one seamlessly integrated workplace platform, providing a single solution to manage every aspect of any facility, anywhere. Companies of all sizes can deliver unrivaled employee and visitor experiences to optimize working together in-person. By capturing data and space usage across multiple sources, we help customers make informed workplace resourcing and investment decisions–all while supporting the requirements of operating a secure, safe and fully compliant workplace. We power the places where people work best together.
For more information, please visit envoy.com.