- Rimeto, a company that is making enterprise directories better, recently announced that it raised $10 million.
Rimeto — a company that is making enterprise directories better — announced it raised $10 million Series A funding. This funding round is building on the company’s traction with Fortune 500 companies using its Employee Information Platform.
The $10 million Series A round is Rimeto’s first outside investment as the company has been bootstrapping and self-funded until now. The funding round was provided by USVP, Bow Capital, Floodgate, and Ray Dalio (founder of the world’s largest hedge fund Bridgewater Associates).
Ted Zagat, Neville Bowers, and Maxwell Hayman are the founders of Rimeto. The trio of founders previously held senior positions at Facebook for the social network company’s video, commerce, and monetization teams.
“The workplace is changing fast, and employees are being asked to work cross-functionally more than ever. But with greater turnover and increasing remote work, it’s difficult for people to understand their colleagues and tap into institutional knowledge,” said Ted Zagat. “This is driving demand for Rimeto from large companies looking to foster collaboration and make employees more productive.”
Ted Zagat’s parents Tim and Nina Zagat are known as the founders of Zagat Survey (acquired by Google for more than $150 million). And Ted Zagat served as President and COO of Zagat Survey until 2007. At Facebook, Ted Zagat worked on the Video & Brand Ads Product. Before that, he was an SVP of Business Development & Strategic Partnerships at Univision. And Ted Zagat is also on the board of directors at Palo Alto JCC.
Prior to launching Rimeto, Bowers was an early software engineer and Leader at Facebook, a PM at Microsoft. And he studied Physics at Harvard and he is a member of the Board of Trustees at The Loomis Chaffee School.
And Hayman worked in Product Marketing and Strategy at Facebook before founding Rimeto. Hayman was also the CEO and GM at Tech Startups (Shyp, Store Vantage, Groupon) and was a consultant for BCG.
Rimeto’s “enterprise graph” for businesses links the connections between people, teams, and information in an organization. And Rimeto identifies expertise and drives collaboration enterprise-wide, helping businesses cope with the estimated 25% annual turnover in the knowledge workforce.
“Rimeto has focused on one of the most under-developed corporate tools – the enterprise directory – and turned it into an engine for collaboration and efficiency. It’s a simple idea with powerful benefits that’s been embraced by some of the largest companies in the world,” added Rick Lewis, a General Partner at USVP.
Rimeto’s web and native mobile applications also make it easy to find and learn about anyone across the workplace. This connects employees across teams and locations and unlocks businesses’ collective experience, skills, and relationships. Plus employees get the insight they need to drive impact. And Rimeto’s SaaS solution automatically integrates data from siloed information enterprise systems (including HR, ATS, CRM, etc.) to provide a unified view so employees can holistically understand all their colleagues.
“When our people understand each other, they work together so much more effectively. Rimeto ensures everyone has valuable organizational context at their fingertips, no matter which team they’re part of, what office they’re in, or how long they’ve been here. Rimeto helps nurture a positive culture, foster collaboration, and build connections across our global workforce,” explained Brian Stolz, the Chief People Officer at Activision Blizzard.
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