Sparkmind.vc and Founders lead a $2.5m round into corporate learning startup Wonderwerk
● Round is led by Sparkmind.vc together with existing investor, startup studio Founders
● Black Pearls VC and Spring Capital join as co-investors
● Wonderwerk will use funding for data analytics and US expansion
Wonderwerk has raised $2.5m seed funding to help sales teams enter the remote age with its data-driven sales training and performance tracking tools.
Funding comes from a new investor Sparkmind.vc and startup studio Founders, with participation from Black Pearls VC and Spring Capital. The company will use the funding to fuel expansion to the US, ramp up data analytics and grow its sales and marketing teams.
Wonderwerk’s vision is to give every salesperson the greatest chance of success. Globally, companies spend an estimated $30bn each year on sales training even though 90% of it doesn’t deliver desired results. This inefficiency has led to a crisis in the industry with an estimated 30m salespeople missing critical skills and up to 55% employee turnover.
These issues have only been compounded during the pandemic, where many salespeople were forced to work remotely for the first time. As covid rebounds and the shortage of local salespeople drives more companies to hire and onboard remotely, this is simply the new normal to which businesses are adapting. Wonderwerk revenues have quadrupled in the past year as companies invest inbuilding remote-first sales teams.
Wonderwerk is the first company in the world to measure the impact of training on performance in real time. By integrating with its customers' CRM, Wonderwerkcan see how effective training programs are at driving conversion rates and revenue. For the first time ever, companies can see what part of their training is working and which isn’t, so it gets better every time. Its customers are fast growing tech companies that are rapidly expanding their sales teams and need an efficient tool to onboard and upskill their sales teams.
Its customers have seen some astonishing results. For example, Virtuagym was ableto reduce ramp time by 50% while Babbel increased its conversion rates by 40%. These changes have an immense impact on revenue when multiplied across a large sales team.
“We still see way too many companies burning and churning their sales reps. When things aren’t working out, they blame the people rather than taking responsibility for their own training processes. What most companies still don’t understand is the huge amount of money they lose every time a salesperson leaves”, says Wonderwerk co-founder and CEO Bowen Moody.
Commenting on the deal, Sparkmind.vc partner Vesa Laakso says: “Wonderwerk is a great example of digital transformation in the corporate learning segment. By easily equipping salespeople with the skills they need, the company is capitalizing on this multi-billion, yet widely neglected opportunity. I very much look forward to our journey together and working with the team as a board member.”
Sparkmind.vc is the first Nordic venture capital company exclusively focused on the learning sector. The company invests from Seed to Series B stages in teams transforming how the world learns. Its investments are focused on solutions that improve learning outcomes, increase access to and efficiency of learning, or use data insight to better support educators and learners.
Contact: Vesa Laakso, Partner
+358 40 0523127
Wonderwerk is the first company in the world to measure the impact of training on revenue real time. By integrating with its customers' CRM, Wonderwerk can see how effective its sales training programs are at reducing ramp time and increasing conversion rates. Its customers are fast-growing tech companies that are rapidly expanding their sales teams and need an efficient tool to onboard and upskill their sales team.
Contact: Bowen Moody, Founder and CEO
+49 3054908 679