Functionly secures $3.6m in funding to further its mission to disrupt organisational design with simple-to-use software.
Functionly today announced a seed funding round of $3.6m to further its mission to disrupt and democratise organisational design with simple-to-use software.
This marks the second investment from the Investible Early Stage Fund 2, a sector-agnostic fund backing Australian and global companies. The round was led by Black Nova Venture Capital and also included AfterWork Ventures and Rampersand.
This capital will see the company accelerate product and technology development and bring a free version of the software to market, as it further expands into the US, Europe and APAC.
Functionly was founded in 2018 by CEO, Tim Brewer and Co-Founder, Damian Bramanis and consists of a global team who have worked with companies including Dropbox, Teamline, Auth0 and Yammer.
Organisational design has typically been the domain of large consulting firms and multi-million dollar projects. Billions are spent on planning, designing and re-designing how businesses are structured. The past couple of years has shown the need for all companies to be able to move faster and with more agility.
Functionly is a cloud software package, enabling leaders to collaboratively design and structure the best organisations. It enables companies to build organisational charts based on what people do, rather than their job titles or functional areas making it easy to use for all executives (not just HR experts) to strategically and intentionally design their organisations.
"The complexities of organisational design and management have too long been left untouched and embraced as-is. We couldn't be more excited that Functionly is turning a new page" said Investible Principal Jake Booker on the round.
Tim Brewer previously advised Dropbox on its distribution strategy before becoming an active investor and company advisor. Functionly was born out of a frustration he saw across multiple companies: “Every manager is struggling to make sure they have the right people, with the right skills in the right place at the right time, and to manage that dynamically as the world around us shifts. No external consultant, no matter how much you pay, can replace the need to know who’s on your team and what they are doing in real-time,” Tim Brewer said.
“More often than not the cost in delays and mis-alignment within a company is even more expensive than the consulting fees. I’m not saying the McKinsey’s and Deloitte’s of this world don’t have a role, but with effective software like Functionly the outcomes are 100 times faster and always available,” he added.
In the wake of the Covid-19 pandemic, Functionly’s paid customer base has grown by almost 900% as the urgency increases for businesses to understand and have more granular insight into their teams and personnel, amongst mid to large companies in particular. Notable users of Functionly include HealthEngine, HappyCo and HolonIQ as well as 3000+ other organisations who are navigating organisational design, workforce optimisation or mergers and acquisitions using Functionly's free offering.
Patrick Brothers, Co-CEO and Co-Founder of HolonIQ, when describing his experience with Functionly said, “I could have completely replaced Boston Consulting Group with Functionly and a service layer of expensive advice”.
The Investible group of companies includes various entities who are corporate authorised representatives (CAR) of Boutique Capital Pty Ltd (BCPL) AFSL 508011. The full list of entities are detailed below/via a link.
CAR has taken all reasonable care in producing all the information contained in the website including but not limited to reports, tables, maps, diagrams and photographs. However, CAR will not be responsible for loss or damage arising from the use of this information. The contents of this website should not be used as a substitute for detailed investigations or analysis on any issues or questions the reader wishes to have answered.
You may download the information for your own personal use or to inform others about our materials, but you may not reproduce or modify it without our express permission. To the extent to which this website contains advice it is general advice only and has been prepared by the Company for individuals identified as wholesale investors for the purposes of providing a financial product or financial service, under Section 761G or Section 761GA of the Corporations Act 2001 (Cth).
The information in this website is not intended to be relied upon as advice to investors or potential investors and has been prepared without taking into account personal investment objectives, financial circumstances or particular needs. Recipients of this information are advised to consult their own professional advisers about legal, tax, financial or other matters relevant to the suitability of this information.
Any investment(s) summarised in this website is subject to known and unknown risks, some of which are beyond the control of CAR and their directors, employees, advisers or agents. CAR does not guarantee any particular rate of return or the performance, nor does CAR and its directors personally guarantee the repayment of capital or any particular tax treatment. Past performance is not indicative of future performance.
All investments carry some level of risk, and there is typically a direct relationship between risk and return. We describe what steps we take to mitigate risk (where possible) in the investment documentation, which must be read prior to investing. It is important to note risk cannot be mitigated completely.
Whilst the contents of this website is based on information from sources which CAR considers reliable, its accuracy and completeness cannot be guaranteed. Data is not necessarily audited or independently verified. Any opinions reflect CAR’s judgment at this date and are subject to change. CAR has no obligation to provide revised assessments in the event of changed circumstances. To the extent permitted by law, BCPL, CAR and their directors and employees do not accept any liability for the results of any actions taken or not taken on the basis of information in this website, or for any negligent misstatements, errors or omissions.