Thoughtexchange, the British Columbia-based startup whose platform helps leaders better communicate with employees, has raised another $10 million as the company has seen a surge of growth during the coronavirus pandemic and resulting lockdowns.
The new funding comes just six months after Thoughtexchange raised $20 million in a series B round. The current round was led by Information Venture Partners out of Toronto along with Yaletown Partners of Vancouver, B.C., and Seattle-based Voyager Capital.
The startup’s platform has been especially critical of late and been put to use facilitating conversations ranging from anti-racism and inclusion to solving COVID-19 related challenges such as remote work optimization and mental health. Leaders are able to ask an open-ended question to groups of anywhere from 10 to tens of thousands of people. Participants provide anonymized answers in their own words and then interact with the ideas of others, rating those they agree and disagree with.
Thoughtexchange said it has seen a 600-percent jump in use of its software as a service since March.
“The pandemic turned the world on its head overnight. Incredible strain has been put on leaders and their ability to interact with their teams and communities at scale and speed,” said CEO Dave MacLeod. “Understanding the most important things that need to be addressed right now and tapping group intelligence to inform critical decisions has proven vital for leaders.”
The 140-person startup is based in the small town of Rossland, B.C. just north of eastern Washington state and its platform is used by companies such as McDonalds and American Airlines.
Voyager Capital Managing Director Bill McAleer previously told GeekWire that it tracked the company for almost a year before investing.
“They have a great culture led by [MacLeod] and have been growing at a rapid pace.” McAleer said in December.
