Ghent, Belgium, April 23, 2023
Belgian SaaS tech company Whale announced a 2.5 million euros raise from existing investors Volta Ventures and Peak to continue to allow companies to turn their process and SOP documentation into a channel for employee training and growth. The funding follows the company's strong annual growth (280%) and recent AI integration and will be used to further innovate and expand in Europe and throughout the US, the latter of which currently already accounts for over 70% of the company’s customer base.
When an organization begins to scale and new team members come on board, chaos often ensues. Initially, the founder and a few founding team members may have relied on their own knowledge, but as the business expands and important information goes undocumented, things can start to fall apart. This leads to what's known as the "leaky bucket syndrome," where valuable knowledge is lost due to ad-hoc or verbal communication. Enter Whale and its solution which allows small and medium-sized enterprises to create playbooks to train their teams and measure its impact on the business.
Whale has been on a remarkable trajectory since launching in 2020 and has experienced strong year-on-year revenue growth of 280%. The company now boasts customers in 15 countries and a team that has grown five-fold.
Attracting Belgium’s top talent has been the team’s focus in order to deliver competitively in a global market. “With the investment, we will be able to scale our team and continue to expand on our product roadmap for SMEs and entrepreneurs,” says Gary Vanbutsele, CEO & Co-Founder of Whale.
Documentation and employee training form a vital part of many business frameworks, such as the example of the Entrepreneurial Operating System (EOS). Like these frameworks, Whale’s mission itself is strongly connected to helping businesses unlock the next level of growth through systematization and bringing clarity to the chaos of scaling a team.
“Whale commercially validated our investment thesis of delivering knowledge and training in the flow of work. We are happy to support the team and fuel its product-led growth plan to render onboarding and training digital and efficient across the globe,” says Koen De Waele, Venture Partner at Volta Ventures.
Stefan Bary, Managing Partner at Peak, adds: “We have been intrigued by the level of growth the company has already achieved with internal resources. That shows how many businesses feel the need for Whale’s offering, which in turn results in a high engagement of customers with the platform.”