We were delighted to recently hear the news that our New Zealand partner, Fuel50, who developed the career pathing software CareerCENTRE™ (known as Fuel50 in other countries) raised $2.5 million in Series A funding, which brings total funding to an impressive $4.6 million.
Two prominent southern California firms, Rincon Venture Partners and Bonfire Ventures led this latest round of funding
The funding will help Fuel50 and 10Eighty to continue enabling leaders to engage and motivate their teams and empower employees to have a visible career path in their organisation.
With high-quality candidates in short supply and increasing costs of talent turnover, career pathing has become more critical than ever – Deloitte named career pathing a key area that organisations should focus on.
More than 80 percent of companies want better talent mobility while 70 percent of employees leave due to lack of career development and growth opportunities.
Solutions that impact on engagement
The technology in CareerCENTRE™ addresses these gaps with solutions that directly impact on engagement, performance and retention — enabling employees to drive their own growth and performance within an organization.
Anne Fulton, CEO and Co-Founder, Fuel50 said:
“The way talent traditionally climbs the career ladder and develops skills is broken, leaving talent frustrated and companies lacking the levels of engagement and performance required to move at the pace of business today,”
“In our short history, our customers have already realised real engagement wins while top talent has developed in meaningful ways. We’ll use our funding to service our growing corps of clients and to expand our reach even further around the world.”
The funding round also introduces Jim Andelman, co-founder and Managing Director of Rincon Venture Partners and Bonfire, to Fuel50’s board.
“Career pathing is one of the next frontiers of HR technology, and Fuel50 is at the forefront of this shift, equipping companies with the tools and technology to give their talent a meaningful career trajectory,” commented Andelman.
Launched in 2014 by co-founders Anne Fulton and Jo Mills, Fuel50 (aka CareerCENTRE™) is currently used by 75 Fortune 500 companies, across 33 countries and in 28 languages, supporting hundreds of thousands of employees.
Find out more
If you would like to find out more about CareerCENTRE™ please click here.