FaceUp, a Prague-based anonymous reporting platform, has raised $3 million in a late seed funding round led by Reflex Capital, with participation from Tilia Impact Ventures, the European Investment Fund, and Lighthouse Ventures. The news about the funding the startup announced to AIN.
About FaceUp
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Founded in 2017, FaceUp develops an encrypted platform that enables employees to report company and team issues anonymously and securely within their organization. As a social impact startup, it fosters a speak-up culture, improving employee safety and well being, leading to increased productivity and safety.
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With an ARR in the lower single-digit millions and over 1500 clients in over 60 countries, FaceUp has successfully adopted the speak-up culture in professional and academic environments.
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The founders made it to Forbes' 30 Under 30 list and received the European Crime Prevention Award in 2021, scoring the first award for Czechia and third overall.
Investment details
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The $3 million equity funding was led by Reflex Capital, a Czech-based group of accomplished entrepreneurs that only invests its own money in various early-stage startups.
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Other prominent investors including Tilia Impact Ventures, the European Investment Fund, and Lighthouse Ventures also participated in the seed round.
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This seed round arrives at a time when FaceUp has already achieved profitability and ARR above $1.5 million.
“The FaceUp team figured out how to transform a non-profit initiative for schools into a profitable business without sacrificing that founding mission of social impact. We believe this is not a nice-to-have product but an essential tool of major importance for corporate and government entities, so the potential for growth across markets is enormous. This is a team that can do it. We’re proud to support it,” Ondřej Fryc, Founder of Reflex Capital, stated.
The fresh funds will accelerate growth in key geographies, particularly in the US, where it has opened an office in Charleston, South Carolina, as well as Latin America, and the Middle East. Planned product developments include an AI assistant, a team temperature check feature, anonymous Q&A designed for meetings, and a survey solution extension.