Facebook Veterans Gain Fortune 500 Traction for Employee Information Platform
Rimeto announced $10 million in Series A funding, building on traction with Fortune 500 companies using its Employee Information Platform. This is Rimeto’s first outside investment; the company has been self-funded. The investment came from USVP, Bow Capital, Floodgate, and Ray Dalio, founder of Bridgewater Associates, the world’s largest hedge fund.
Rimeto was founded by Ted Zagat, Neville Bowers, and Maxwell Hayman, who previously held senior positions at Facebook across the social network’s video, commerce, and monetization teams. Ted Zagat also led his eponymous business, Zagat, which was acquired by Google in 2011.
Leveraging the founders’ leadership experience with Facebook’s social graph, Rimeto reveals the “enterprise graph” for businesses: the connections between people, teams, and information in an organization. Rimeto identifies expertise and drives collaboration enterprise-wide, helping businesses cope with the estimated 25% annual turnover in knowledge workforce.
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“The workplace is changing fast, and employees are being asked to work cross-functionally more than ever. But with greater turnover and increasing remote work, it’s difficult for people to understand their colleagues and tap into institutional knowledge,” said Ted Zagat, co-founder, Rimeto. “This is driving demand for Rimeto from large companies looking to foster collaboration and make employees more productive.”
Rimeto’s consumer-grade web and native mobile applications make it easy to find and learn about anyone across the workplace. This connects employees across teams and locations, and unlocks businesses’ collective experience, skills, and relationships. Employees get the insight they need to drive impact.
Rimeto is a best-of-breed SaaS solution that automatically integrates data from siloed information enterprise systems (including HR, ATS, CRM, etc.) to provide a unified view so employees can holistically understand all their colleagues.
“Rimeto has focused on one of the most under-developed corporate tools – the enterprise directory – and turned it into an engine for collaboration and efficiency. It’s a simple idea with powerful benefits that’s been embraced by some of the largest companies in the world,” said Rick Lewis, General Partner at USVP, which led Rimeto’s Series A.
“When our people understand each other, they work together so much more effectively. Rimeto ensures everyone has valuable organizational context at their fingertips, no matter which team they’re part of, what office they’re in, or how long they’ve been here. Rimeto helps nurture a positive culture, foster collaboration, and build connections across our global workforce,” added Brian Stolz, Chief People Officer, Activision Blizzard.