Innerlogic just got CA$1.3M funding to spread better culture

 Innerlogic just got CA$1.3M funding to spread better culture

In the photo: Mike Bawol (left) & Bryce Tully(right). Image courtesy: Innerlogic

Halifax-based SaaS startup Innerlogic has raised CA$1.3M in seed funding. Concrete Ventures led the funding round, while Tidal Venture Partners, Techstars, and Middle Cove Capital also participated. Innerlogic applies sports team dynamics to businesses, by leveraging employee data for analysis & behaviour-based coaching to enhance workplace culture.

Bryce Tully (CEO) and Mike Bawol (COO) founded the company in 2020. Both of them have been part of Team Canada at various Olympic Games. Bryce served as a Mental Performance Consultant and Mike as a Performance Data Analyst for Canada. They believe that culture has a huge impact on outcomes and yet organizations neglect it from an innovation and measurement perspective. The company claims that just 13% of organizations find that gathering people data as part of their main culture strategy results in significant change, despite the fact that 90% of them do so.

The company targets its services at both sports teams and enterprises. It claims that the platform enables organizations to truly understand the needs of their people and their teams by utilizing the most recent advancements in AI. This in turn can lead to substantially speeding up the journey to a high-performance culture. It lists NHL, MLS, and the NCAA among its clientele.

Also read: Insurance tech startup QuickFacts from Halifax raises seed round

Innerlogic’s funding led by Atlantic-Canada based Concrete Ventures

Concrete Ventures, an Atlantic-Canada based growth fund, led Innerlogic’s funding round. The VC firm is currently investing out of its CA$18M Fund I, which was launched in 2020. Moreover, the province of Nova Scotia supported Concrete Ventures’s first fund with a CA$15M anchor investment.

The fund says it typically invests CA$250,000-500,000 as a first cheque with additional investment as follow-on. It’s also focused on pre-seed with a mandate to invest half its capital into Nova Scotia and rest in remaining Atlantic. The VC firm’s investment in Innerlogic is part of its broader thesis to invest in software and internet-type businesses.

Concrete Ventures’ General Partner Patrick Hankinson mentioned that culture can make or break a company. He added that the Innerlogic team’s technical expertise and creative use of AI astounded the fund. Accordingly, their investment in Innerlogic aims to help address this enormous challenge and opportunity to high-performance culture.

Also read: School kid’s startup in Halifax bags a US$1M round

Innerlogic to accelerate sales, marketing & product development

The company plans to use this latest funding proceeds to strengthen its sales, marketing, and product development.

In the official funding announcement, Tully said that an Olympic team appears very different from a corporate boardroom on the surface. However, he added, that the fundamental ideas and tactics of creating high-performance teams are global and ubiquitous. With this financing, the team plans to scale Innerlogic to various industries, while focusing on transforming culture into a real performance and outcome driver. This approach is not very different from the method in the pinnacle of athletics.

In an interaction with The Tech Factor, Bawol shared additional details about the company:

“We have just under 40 clients made up of a mix from both sport and corporate, including organizations from the NHL, MLS, dozens of organizations attending the Paris Olympics, and NCAA Division 1 institutions. Given our background working at the Olympics, we used high-performance sport as an entry point to the market, with our focus moving forward being largely on finding product market fit in the corporate space. We have 8 full-time staff from software developers to leaders in culture and organizational change. Our product is AI infused at every step with the goal of dramatically accelerating the path to building great culture and converting large volumes of employee feedback into tangible business growth.”

Michael Bawol, Co-founder & COO of Innerlogic

It’s worth noting that Innerlogic was part of Techstars’ Boston accelerator for the Spring 2024 batch, started in March this year.

Also read: Formaloo, a no-code SaaS startup, raises US$2.2M

Ankur S

Ankur is a contributing writer for The Tech Factor based in Toronto. He is a seasoned technology & business leader, having worked as a tech entrepreneur, venture capitalist and management consultant for nearly two decades. His experience includes working and investing in the Canadian, US and Indian startup ecosystems.

Related post