Virtual office startup Teamflow raises $35M in new funding
Virtual office startup Teamflow today announced it has closed a $35 million in new funding led by Coatue Management.
The Series B funding round was joined by existing investors Menlo Ventures and Battery Ventures. The funding brings the total amount raised by the company to $50 million following the company’s Series A, which raised $11 million in March.
The company intends to use the funds to grow the team and support an international expansion. The platform just added localization that included support for Spanish and French.
Teamflow provides 2D virtual office meeting services for remote and hybrid workforces to collaborate and stay connected. In the virtual spaces, users get to see each other as video avatars that can move around, enter and exit private rooms and hear each other within proximity to create a sense of presence.
“Remote work has changed everything about how we work,” said Teamflow founder and Chief Executive Flo Crivello. “But there’s been an unspoken assumption that we don’t have to change any of our tools. Same Slack, same Zoom.”
The pandemic changed work fundamentally for many organizations, with remote work becoming the norm. It also separated workforces from offices. That has meant staring at screens instead of being with people. As a result, a new type of tools needed to be created and Teamflow grew into that gap.
As the pandemic begins to abate and workforces begin to fill offices again, many will become hybridized. Teamflow sees itself as a bridge between office and remote.
According to a survey from Gartner, 55% of employees say their ability to work flexibly will affect their ability to stay with their employer and 39% are likely to leave if told they have to return to fully onsite with no chance of any remote work. Other opportunities exist for hybrid work, the survey suggests — for example, hybrid teams are more inclusive and three times more likely to be high performers if given high flexibility over where they work.
“The pandemic has fundamentally changed the nature of work, and the tools we used daily before the pandemic need to be reimagined for our new world,” said Lucas Swisher, a general partner at Coatue Management.
Teamflow integrates many of the same tools that are seen in collaboration toolsets including chat, videoconferencing, document sharing, whiteboards and slideshows.
According to Teamflow, it’s used at companies known for hybrid and remote workforces, such as Autodesk Inc., Netflix Inc. and Shopify Inc. These companies use Teamflow regularly to help their remote and office workers stay collaborative.
Image: Teamflow
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