Butterfly Raises 2.4 Million USD Seed Funding
Corporate trainings have for long been an area where businesses are keen to invest, but often worry about the real return on investment once the training is over.
Corporate training designers are also often left perplexed by how to make corporate trainings a fun and enjoyable experience; something that makes the training easy to comprehend and take away, so they don't see it as a forced learning session.
A feeling of disdain towards the status quo is what can maybe finally lead to a startup creating something that people won't hate and would actually be helpful in the training process. This exact feeling of disdain is what led to Butterfly.
Butterfly is the brain child of young managers David Mendlewicz, Simon Rakosi and Marcus Perezi-Tormos who have had their own share of poor experiences with leadership trainings. The venture has just announced its seed funding of 2.4 million USD from investors Daphni, Tectonic Ventures, Precursor Ventures and a number of angels.
Mendlewicz, in an interview with a journalist, states that the gold standard in corporate trainings is a quarterly or annually delivered comprehensive package. He believes that most trainings miss the target of delivering because of them being ill timed and going awry with the content.
Butterfly, on the other hand, armed with its own chatbot Alex, constantly monitors the team's feedback, and in a timely manner pushes brief and digestible tips to the managers. This is possible due to the wonders of machine learning.
Mendlewicz states that Butterfly is primarily focused on the content that can be of some advantage to the managers use, i.e., short and conversational in structure and nature. The startup is now shifting focus to the fortune 500 crowd in full swing.
Butterfly has already gotten the likes of Citibank, Ticketmaster, Coca-Cola and twenty other large firms on board it's platform. The startup has contracts reaching 50 percent or more of the addressable workforce at most customers with all of these companies.
Butterfly is, at the moment, collecting the feedback on the impact its usage is creating in the firms. The firm with its budding relationship with academia from the University of Oxford and Columbia University aims to unearth key metrics and drivers and use them to affect change based on the research being conducted into the behaviour of humans in the workplace.
Charles Hudson from Precursor Ventures, an investor in Butterfly, states that a demographically young workshop thrives better with feedback and Butterfly is the mechanism that works profusely to deliver this feedback in manner that works.
At the moment Butterfly derives nearly one third of its content from third party vendors and the remaining two thirds from the content that the startup itself has indexed and reframed.
The future looks pretty interesting for the startup with the possibility of a content marketplace wherein managers would themselves opt for the tools they believe would deliver maximum value.
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