By Pedja Predin
WorkPuls was launched in 2016 as an automated time tracking and employee monitoring software. At the time of ENIF’s first investment in 2016, the company had just started to generate some early revenue. It was founded by Ivan Petrovic, a young and talented entrepreneur who tackled time tracking as a problem that he identified and was experiencing himself.
Since ENIF’s first investment, the company had persisted on a very modest and lean budget, overcame significant challenges in 2018, and was able to narrow down the focus to get clarity in terms of product, vision and strategy. WorkPuls realized that the optimal customer is a company with 50+ employees with disperse organizational structures across multiple geographies, and managed to tweak the offering for this segment. This gave the fund manager additional confidence in the business and consequently in 2019 ENIF provided the entire seed round in 2019.
Early 2020 and COVID-19 were the tipping point when the company’s monthly recurring revenue started accelerating and MRR in September was 5x versus March. This came as a result of the company maturing, being able to onboard larger enterprise clients and hiring Ryan Fyfe (former Founder & CEO of Humanity) as COO. As a result of that, the company was able to secure additional funding from a US based VC fund and an angel investor syndicate. Workpuls is an excellent example of an early stage business with all the typical challenges that the founders are usually facing, that managed to overcome those challenges and evolved into a small organization currently servicing a global client roster, attracting funding from sophisticated tech investors and having a clear path towards future growth.