STRIVE Announces Growth Investment by Essex Bay Capital to Accelerate Continued Growth and Market Leadership
Partnership and Capital Infusion will Accelerate the Employee Experience Company’s Market Penetration, Product Development, Marketing and Sales
OAKLAND, CA. – August 30, 2022 – STRIVE – a leader in employee experience technology, today announces a growth investment by Essex Bay Capital, a lower middle market private equity firm focused on small to mid-sized private companies. With partnership from Essex Bay, STRIVE will continue redefining the employee experience technology space, developing and accelerating STRIVE’s established growth plan. STRIVE currently provides their personalized, integrated, & impactful employee experience to employers, employees and partners in all 50 states.
As stated by STRIVE CEO and Founder Saravanan Chettiar, who started the company in 2015, “Our team has done a phenomenal job delivering value to our broker and employer customers over the past several years, and we are now prepared to do more. This investment and partnership will be critical for us to scale faster and expand our strategic capabilities to help employers better engage, develop and retain their workforce.”
“Our partnership with Essex Bay rapidly accelerates our vision to partner with passionate leaders driven to build world-class employee-centric work cultures by providing a personalized, integrated, and impactful experience – one individual at a time,” stated Zach Beegal, STRIVE COO.
Franklin Foster, Partner at Essex Bay Capital said: “We are excited to partner with STRIVE to help refine, expand and accelerate its impressive growth trajectory. We believe STRIVE’s offerings will be increasingly essential for employers looking to enhance employee engagement and increase retention in an increasingly tight and dynamic labor market.”
Employee experience technology has seen a monumental spike in investment and interest over the past few years. Taken from Willis Towers Watson’s “2021 Employee Experience Survey,” 92% of organizations state they will be prioritizing employee experience enhancements over the next few years, a 52% increase from prior to the pandemic. With shifts occurring in workplace norms and employees’ individual expectations, a gap has formed between employers and employees. Employees are looking for more out of their employee experience and are willing to leave a company if they do not see their needs being met. To retain top talent, employers need to meet these expectations. It starts by recognizing and providing personalized experiences tailored to the individual instead of a one-size-fits-all standard solution.
The partnership between Essex Bay and STRIVE will be fundamental in continuing and accelerating STRIVE’s growth and capabilities to provide personalized, integrated, and impactful solutions. It will also help further differentiate STRIVE in the employee communications, engagement, and wellness space.
About STRIVE
STRIVE is dedicated to reimagining the employee experience, one individual at a time. Our mission is to help employees feel connected, be motivated, and live well. Through mobile and web-based solutions that are personalized, integrated, and impactful, we meet employees to deliver their ideal employee experience. We reimagine the space of employee experience while making access to critical information convenient and user-friendly. To learn more information about STRIVE, visit www.onestrive.com.
About Essex Bay
Essex Bay invests in small to mid-sized private companies, partnering with management to accelerate growth. We target platform companies of $1-10M EBITDA at close, or $1-10M ARR for SaaS businesses. With 20+ years of investing experience, and 70+ completed acquisitions, our team brings more than just capital to the equation. We are long-term investors, focused on creating sustainable value. We build companies, organically and through add-on acquisitions to become market leaders. Partnership and alignment are at the core of everything we do. We pride ourselves on being transparent and supportive with resources, insight and expertise to create win-win opportunities for our partners. For more information about Essex Bay, visit www.essexbay.com.