Venture capital investment in WorkTech reached an all-time high in 2018 surpassing $3.5 billion. We believe this trend is attributed to many factors including: 1) availability and accessibility of capital across new and existing VC firms, 2) the movement of equity investing into venture capital as an available asset class, 3) limited barriers to entry for new startups to compete in the market, 4) growth of technology skills around the world enabling new products to be built more easily anywhere in the world, and 5) strong demand for SaaS (software-as-a-service) solutions and the rapid movement towards cloud computing.
We are defining WorkTech as the combination of the traditional HRTech market with the Collaboration market. The data and information provided is based on our best estimates as of December 2018. We have used the combination of public and private data sources to compile our financing and deal data.