HR Software startup Peoplewave raises $500,000 in seed round
In a seed round from a series of undisclosed angel investors and Hr-aligned companies, HR software startup Peoplewave was able to raise $500,000 in funding. This follows an initial $100,000 pre-seed funding shelled out by founders Damien Cummings and Phil Aldrige.
Cummings, who was a former global head of digital at Standard Chartered Bank, saw some pain points in the HR industry, especially in the posthiring process. “Many HR functions make acquiring top talent their utmost priority, which takes focus away from effective post-hire management. It also does not help that HR teams fail to train line managers how to effectively nurture the same top talent that the former worked so hard to sign,” he said.
Peoplewave’s banner product is an onboarding app and a data-driven performance appraisal platform called First 100 Days app. Cummings said it provides a more structured new hire onboarding and addresses the crucial issue of probation periods. A second product is Performance Wave, a datadriven platform that provides greater transparency during performance reviews through the use of a proprietary algorithm, which the company calls “formula of performance.”
“Peoplewave was born out of a deep frustration. Many smart and good people have become victims of corporate restructures, biased decisionmaking, or been unfairly treated,” said Cummings.
The CEO is hoping that with Peoplewave products already available in the market, the tides will shift to a more attentive onboarding of fresh hires and fairer evaluation of all staff.