Fuel50 Raises $2.5M in Series A Funding

KEY TAKEAWAYS:

• Fuel50 got a new capital infusion amounting to $2.5 million. This has increased its total funding to $4.6 million.
• The company’s technology, which is focused on a career pathing software, was developed by Anne Fulton and Jo Mills, both co-founders of the Career Engagement Group.
• Fuel50’s technology is being used by Fortune 500 companies to uplift the engagement of its talents.

Software solution company Fuel50 now has a total funding of $4.6 million after it was able to raise $2.5 million in Series A funding. The infusion of fresh funds will enable the company to provide a more visible career path for its employees.

“In our short history, our customers have already realised real engagement wins while top talent has developed in meaningful ways. We’ll use our funding to service our growing corps of clients and to expand our reach even further around the world,” Fuel50 CEO and Founder Anne Fulton said.

Fuel50’s cloud-based career pathing software, which is being used by 75 Fortune 500 companies, has allowed these companies to achieve up to 30 percent of engagement uplifts within a year after using the software.

Fulton said talent become frustrated with the traditional way of allowing them to climb the career ladder and develop skills only to have it broken later on. Because of this, companies often lack the performance and engagement levels needed to move given today’s business phase.

Professional services firm Deloitte identified career pathing as a key focus area for organizations today. Career pathing has become more critical now considering the low candidate inventory and the increasing costs of talent turnover.

Around 70 percent of employees leave their organizations because of the lack of growth opportunities and career development. Compare that to the 80 percent of companies that want their organizations to have better talent mobility. Fuel50 seeks to address these critical gaps through solutions that will directly impact performance, engagement and retention of talent.

Companies like Bonfire Ventures and Rincon Venture Partners are expected to supplement the rapidly accelerating growth of Fuel50, through the introduction to the board of Jim Andelman, co-founder and Managing Director of the said companies.

“Career pathing is one of the next frontiers of HR technology, and Fuel50 is at the forefront of this shift, equipping companies with the tools and technology to give their talent a meaningful career trajectory,” Andelman said.

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