Estonian startup Yera raises €535k for its employee engagement tool
Yera, an Estonia-based developer of an all-in-one engagement and rewards solution for work teams worldwide, has raised a €535,000 seed funding led by Specialist VC. Veriff founder Kaarel Kotkas also participated in the round, as Yera’s press office told AIN.Capital.
- Founded in 2020 by Janno Siilbek, Eduardo Levenfeld, Veiko Aunapuu, and Kristo Peterson, Yera offers a fully automated SaaS platform for increasing the performance of teams in the workplace.
- The platform gamifies daily work processes by introducing a points system for completing routine tasks. The team members can later exchange these points for meaningful rewards by choice. This can help customer support, sales, developers, and others to significantly improve their support, upsells, on-time delivery, time tracking, and other critical processes that underpin successful results.
- Yera is now piloting partnerships with global digital innovation companies, such as Helmes and Ambev Tech.
- Specialist VC led the €535,000 seed funding. The Tallinn-based tech investor previously closed a €50 million funding for its Fund II. It focuses on early-stage startups in B2B, SaaS, fintech, platforms, software-enabled hardware, Web3, and deep tech verticals. Its ticket size ranges from $250,000 to $3 million.
“The rules of the economy have changed. A new generation of young people has grown up playing computer games. According to research, almost 90% of employees say that gamification makes them feel more productive and happier at work. Gamification is considered a remarkably potent flow state trigger that can play an essential role in employee retention. Our product successfully combines elementary processes with gamification elements to turn repetitive work tasks into engaging activities,”Janno Siilbek, the co-founder and CTO of Yera, comments on the startup.
- Kaarel Kotkas, the founder of Veriff, an Estonian online identity verification startup, which has recently become unicorn with a €1.5 billion valuation, joined in the round. Furthermore, the former Director of Engineering at Wise Alvar Lumberg participated.
- The fresh funding will support the growth of the company’s customer-centric product development team and expansion to new markets in Europe, South America, and Asia.