ShiftOne, an Arlington, Virginia-based employee retention tool company that has been proven to cut restaurant turnover in half, announced it raised a $2.6 million supplement to its seed funding — which was led by The Entrepreneurs’ Fund. Initial seed investor Bowery Capital also returned for this along with new investor NRD Capital.
With this funding round, ShiftOne will expand its product and sales teams in order to implement ambitious near features and bring the platform to new enterprise brands.
“ShiftOne is mitigating the single costliest dilemma facing companies with hourly team members: rampant turnover rates,” said Bowery Capital principal Michael Brown. “This platform is the future of frontline work.”
ShiftOne also revealed several other milestones. For example, ShiftOne saw three straight quarters of concentrated product refinement during which they released major enhancements to its platform.
ShiftOne also launched its new artificial intelligence-driven performance analysis and attrition risk assessment tool called Smart Alerts. And the company also began development on a highly anticipated feature that will give operators the ability to create their own personalized competitions for staff that key automatically off point-of-sale and guest satisfaction data.
“ShiftOne has been an invaluable asset in our efforts to motivate, engage, and retain our hourly team members. At Dave and Buster’s, we’re all about play, and ShiftOne injects an element of that ethos into the workday while providing managers with the tools to support and keep employees,” explained Dave and Buster’s Director of Training Chris Schricker. “The platform is highly adaptable to our unique needs, and the ShiftOne team is constantly adding new features to enhance the value. We look forward to a long partnership.”
The company’s mobile app helps drive incremental revenue, reduce turnover, and makes work a better place for hourly employees and managers by leveraging real-time individual performance data (usually from a point-of-sale system or guest reviewer collector) to power competitions, encouraging communication and recognition, and to monitor operational health factors such as attrition risk.
“ShiftOne is revolutionizing the engagement of the modern day workforce, and we’re excited to partner with Ashish and his team,” added NRD Capital Founder and Managing Partner Aziz Hashim. “Investing in technology tools which help operators better manage their business is a key principle of NRD Capital, and aligning with others who share this same value – such as ShiftOne – is rewarding. We look forward to partnering with them in their continued growth.”