Austrian mood barometer startup TeamEcho, a survey platform that is measuring the mood of the employees, raised 310.000 euros, local media reported. The round was led by three Austrian business angels, Rainer Diera, Thomas Eder and Christian Schreiner, all three part of the PrimeCrowd, the largest business angels network in the country.
Reportedly, the money will be used to the startup can further expand in the DACH region, with priority primarily to the German market.
“We see ourselves as an in -house sentiment barometer that helps organizations to reduce turnover and sick leave while increasing the loyalty of individual employees to their employer,” says the co-founder and CEO, Markus Koblmuller, Austrian news portal Trending Topics reported.
Founded in 2015 in Linz by Markus Koblmuller and David Schellander, TeamEcho is a 13 member team that offers an intelligent survey system that measures the mood of the employees in an easier and more frequent manner. The TeamEcho vision is that everyone enjoys going to work. In that sense, in order for the company to know the mood of the employees, short interviews are conducted that takes just a couple of minutes once a week. That allows the employers to know the current mood and act accordingly should any problems emerge. This also helps executive members to better deal with the turnover and with the sick leave of the employees.
What’s make this platform great, as announced by the startup, is the possibility all the surveys to be conducted anonymously, making the individual answers untraceable. On the other hand, all the questions that are part of the surveys are developed by psychologists and all the questions are science-backed.
According to Koblmuller, the response rate for the surveys is around 70 percent. TeamEcho is most suitable for companies that have more than 15-20 employees, and if conducted in the individual departments, the department should have at least ten employees. Not only the managers benefit from the tool, but also the employees: because they can communicate when something is wrong, and the results of the survey are transparent for all colleagues, Der Brutkasten reported.
To date, Ernst & Young, Magna, Sodexo, karriere.at, the University of Vienna or Herold are just a few of the larger companies that are already using TeamEcho’s tool.
PrimeCROWD is Austrian biggest network of startup investors with currently over 800 active investors, including the high-profile business angels such as Johannes Siller, Markus Ertler and Heinrich Prokop. They foster the Austrian and European startup eco-system by connecting investors and startups.
PprimeCROWD startup portfolio covers FinTech, CleanTech, HeathTech, IT & Software, Big Data & Social Impact. The network has run successful campaigns with seed funding over €7M+.