NEWS: Startup With Tool for Employee Management Seeking $10 Million in Seed Round; Appoon Recently Moved Out of CSUF Incubator….
A company that grew and scaled in CSUF’s incubators has “graduated” and moved to its own space in Long Beach.
Appoon – which developed a tool for collaboration and team management – also reached the milestone of obtaining 40,000 users.
The SaaS company is growing rapidly, seeing increasing revenue of 20% each month, co-founder and CEO Nick Panhwar told OC Startups Now. In the last three months, it saw revenue close to $800,000.
It’s now seeking $10 million in a seed round. It expects 2019 revenue to be just under $6 million.
The seed funding would be used for things including marketing; the integration of AI into its software, which is now known as TeamKnit; hiring a sales force; and growing its customer service team.
Panhwar, along with his wife, Ayisha Fareed (CTO), previously founded Datstruct, which was acquired for $2 million by a Dubai-based outsourcing company three years ago.
That business began with three employees and ultimately grew to close to 80 employees.
It paved the way for Appoon because, like any new business, it took several tools to get the job done, and the outcome wasn’t always positive.
“We ended up complicating the workplace and (had) stressed employees,” Panhwar said.
He and his wife launched Appoon in 2016 in London, originally setting up its North American HQ in Toronto.
It moved that HQ to CSUF’s Placentia incubator, and then was the first to move into the university’s Irvine incubator.
So far, the duo has bootstrapped the company with approximately $250,000.
Appoon also recently acquired an insurance firm as a client with a contract worth $1.8 million. It can’t disclose which one, but Panhwar said it’s one of the top 10 insurance companies in the country.
How It Works
TeamKnit is a comprehensive, enterprise-grade collaboration and team management package.
It enables employees to work, engage, organize and share information with each other.
The company claims its product helps simplify the workplace and reduces costs up to 60%.