Yaletown participates in $10 million Series B extension by Thoughtexchange, as platform usage jumps by 600 percent
June 30, 2020
Yaletown Partners is proud to participate in a $10 million (CAD) extension of Thoughtexchange’s $20 million Series B Round of last December, alongside fellow Series B investors Information Venture Partners and Voyager Capital.
Crowdsourcing company Thoughtexchange produces software that allows leaders to ask open-ended questions to groups ranging from 10 to 100,000 people. The software then uses data analysis and artificial intelligence to provide insights that help those leaders make informed decisions and create organizational change.
Since the onslaught of COVID-19, Thoughtexchange has seen usage of its platform increase by over 600 percent. As work from home has become the norm, leaders require new and dynamic ways to connect and scale virtual conversations with their teams and communities. It has become vital for leaders to understand the issues that need to be addressed right away. Tapping into group intelligence has facilitated this process.
The Thoughtexchange cloud-based SaaS platform is used by Fortune 500 companies like Allstate Insurance, McDonald’s and American Airlines, in addition to companies like Frontier Communications and Google-owned Looker Data Sciences.
The 140-person start-up, based in Rossland, British Columbia, plans to use the new capital to fuel expansion and innovation by supporting its technology and employee growth.
This is the third time that Yaletown has invested in Thoughtexchange, with significant participation in the company’s $4 million convertible note bridge round of early last year, as well as its late-2019 $20 million Series B Round and the current $10 million Series B extension. Yaletown looks forward to the continued growth of Thoughtexchange’s revolutionary approach to sharing ideas.
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