Company Aims to Unlock a New Category for the 90% of SMBs in the U.S. That Do Not Have a Professional HR Resource on Staff
Bambee, an HR offering tailored for small and medium-sized businesses that makes hiring an HR manager affordable for every company, announced a $15 million dollar series-B round, bringing its total funding to $32 million. The funding will be used to expand Bambee’s service offerings and its ability to reach millions of small businesses. The latest round was led by QED Investors, with participation from Alpha Edison and Mucker Capital.
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“Seeing this pain led me to create an easy-to-use, low-cost, transparent solution for small business owners across America. Every business in America, regardless of size, should have a dedicated HR resource to reach out to for HR support and guidance.”
Founded in 2016 by CEO Allan Jones, Bambee aims to reshape the American employment landscape by providing a dedicated HR Manager to businesses that have never had access to one. Specifically, Bambee aims to be the conduit that reduces the friction-filled relationship that exists at companies due to a lack of HR expertise and strategy. Most of the 5.6M small businesses in the U.S. do not have a professional HR manager on staff, in most cases because the cost of a full-time professional is unaffordable. This not only leaves businesses exposed to the most common and preventable compliance issues, but also can significantly impact employee morale and retention.
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For $99 a month, Bambee provides its clients with their own dedicated HR manager — from creating and implementing the right HR policies, collecting electronic signatures in its app, and navigating the complex regulatory world of compliance. Bambee’s HR Managers lead internal investigations, hires, onboarding, furloughs, and implementation of return-to-work procedures.
Businesses incur an 11% chance each year of having an employment claim filed, and Bambee’s democratized access to best practices and resources is already decreasing those claims for customers. More acutely, in 2020, small businesses are facing a firestorm of issues around diversity and inclusion, and unexpected turbulence caused by Covid-19. (A Bambee study found that 6/10 employees would feel too intimidated to go to their bosses about issues like these, but of those surveyed with a HR representative, seven in 10 have paid them a (virtual) visit.)
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