by George Nott

WithYouWithMe raises $5M, software development effort enters ‘hypergrowth’

Aug 06, 2019
Business IntelligenceCareersCollaboration Software

Sydney startup WithYouWithMe – which offers a platform for workers to reskill and be placed in high-demand jobs – has raised $5 million in a recent funding round.

WithYouWithMe launched in 2016 in response to high unemployment rates among Australian veterans. The startup continues to provide a platform to help returning soldiers transition to civilian technology and cyber securityroles, but at the beginning of this year, the startup expanded its focus to help large firms reskill employees and prepare them for hard to fill internal roles.

“It’s been a massive few years for the business and we’re not slowing down,” WithYouWithMe co-founder Luke Rix said.

The latest funding boost – the oversubscribed round led byPerennial Value ManagementandAlium Capital Management – will be used to “accelerate hiring and scale operations at home and abroad” the start-up said.

The second half of this year will also be a period of “hypergrowth” in the company’s software development effort.

“We’re focused on further developing our world-class software, building the team and expanding operations so that Australia can start unlocking the total potential of its workforce,” Rix added.

WithYouWithMe in March launched a software-as-a-service platform called WYWM Potential. Potential allows companies to test individual employees and teams to identify what internal vacancies they are best suited for.

This helpslarge companies reskill existing workforces and stop cycles of ‘fire and rehire’.

The company also offers accredited training courses in subjects like cybersecurity and Robotic Process Automation, and connects employers to skilled candidates.

“The way companies do talent is broken and WYWM is on a mission to fix it. We help businesses and individuals find and train for technology jobs based on their aptitude and attributes – not just lines on a CV,” Rix said.

The startup has worked with a number of major organisations including Department of Human Services, Deloitte, Westpac, Accenture and Commonwealth Bank of Australia.

“We believe WithYouWithMe has done a great job of monetising its product so far. The company’s ability to transition into a market network company with an attached SaaS workflow is a strong strategy,” commented Perennial Value Management investment analyst Ryan Sohn.

“The tailwinds for cyber security are very strong. WithYouWithMe is in a unique position to capture a portion of this market through the recruitment cycle,” he said.