Former Tesco CEO Terry Leahy leads WorkAngel investment

Employee reward and recognition platform closes $5m Series A funding round.

WorkAngel founder Jamie True has raised $5 million (£3.32 million) for his company in a Series A funding round led by former Tesco CEO Sir Terry Leahy.

The employee reward platform has recently completed a limited beta phase and the London based company plans to launch the mobile app in the US in 2015 Q2. First the business hopes to launch officially in the UK in February ­– offering benefits such as discounts at 1,200 UK retailers.

A host of big names has come forward to support the small business enter the next phase of its development. As well as attracting lead investor Leahy, WorkAngel will also see BBC Worldwide CEO Tim Davie join its board as a non-executive director.

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Before founding his current company Jamie True grew and eventually sold mobile app design company Grapple to Monitise in September 2013. His new project is also in the mobile technology sector but moves into the world of workplace solutions.

The closing of this fundraising round comes in the same week that private equity firm TA Associates acquired a majority interest in HR and payroll system provider Access Group for an undisclosed fee.

True claimed that the workplace benefits market “has been unchallenged for over a decade”.

“During that time technology has fundamentally re-written what can be achieved in the space,” he added. “WorkAngel deploys the latest mobile technology to drive structural increases in the number of engaged, productive employees, offering a system of recognition and reward that’s both easy and incredibly cost-effective to implement and manage.”

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Series A funding