ZestMeUp has raised €6 million to become the European leader in employee engagement and performance |
ZestMeUp, the pioneer of Management tech, has taken a major step forward by raising €6 million in funding, led by Reflexion Capital, an investment fund specialising in profitable tech, and Go Capital, via the LVI 2 fund and Financière Vecteur, a specialist in innovation focused on sustainable growth. Business angels present since 2017 (including Alain Dehaze, ex-CEO of Adecco, and Jean-Stéphane Arcis, founder of Talentsoft, acquired by Cegid) also took part in the deal, joined by Carlo Purassanta, EVP ION Group and ex-president of Microsoft France.
Ivan Michal, General Partner at Reflexion Capital explains:
“ZestMeUp is ideally positioned to consolidate the fragmented market for engagement and performance management solutions in France and Europe. With the acquisition of Bloomin and the achievement of profitability at group level, ZestMeUp is on the path to significant growth. The timing is ideal in two respects: software solutions dedicated to employee engagement are now a ‘must-have’ for SMEs and large groups, and no European player has yet taken the lead in this buoyant market”.
“We were impressed by ZestMeUp’s ability to reach out to field populations, usually not covered by traditional HRIS, and also by its extremely efficient ergonomics, which have been acclaimed by its customers and are key elements in ensuring market leadership.”
The most comprehensive software suite
Founded in 2016, ZestMeUp offers a SaaS software suite that enables companies and public organisations to achieve collective success through listening and enhancing team performance. The Suite comprises 3 main pillars: an Employee Listen pillar (Employee engagement surveys, Pulse Surveys, Business Transformation Measurement… etc.), a Performance pillar (managing objectives, OKRs, annual, professional or regular reviews) and a Lead pillar (aligning objectives, KPIs, people review, 360 feedback).
“Employee engagement is the fuel of business performance. ZestMeUp offers companies the ability to drive their most important strategic asset: human capital. Our end-user centric approach, combined with advanced features such as predictive analytics based on generative AI, differentiates us in the market.”
More than 300 of ZestMeUp’s clients can attest its effectiveness: in some cases, they have been able to increase their employees’ level of engagement and improve their performance management. Système U has perfected its managerial culture, improved its eNPS and reduced the turnover rate of new arrivals. Thanks to Zest, Celio has completely rethought its review system (with a participation rate now approaching 90%). All in all, more than 250,000 users rely on Zest’s solution on a daily basis, in shops, factories or teleworking, in more than sixty countries.
Consolidate its leadership position and expand worldwide
Thanks to this round of funding, ZestMeUp plans to expand its software suite by introducing new features and integrating more artificial intelligence.
Following the acquisition of Bloomin at the end of 2023 (and Linkky a few years earlier), ZestMeUp has several other acquisition targets in order to accelerate its development, particularly internationally. To give itself the means to achieve its ambitions, the company is set to significantly strengthen its teams in the coming months, and plans to have nearly 75 employees by the end of the year.
The objectives set by the management team are clear:
🟢 To continue to develop the company’s leadership in listening and employee experience with SMEs and large groups, whatever their sector of activity (Retail, Industry, Health, Services, etc.) by increasing the number of customer references twofold over the next 3 years.
🟢 Become the essential replacement solution for today’s outdated Talent Management solutions (interviews, people reviews).
🟢 Triple its sales to become THE European leader.
Value-creating external growth is a powerful lever for accelerating and innovating in the service of our customers. It is important for a European champion to emerge quickly, so that we can respond more effectively to the specific needs of all organisations. This will require market consolidation.
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