YC grad Workramp lands $1.8M seed round | Hacker News Reader

YC grad Workramp lands $1.8M seed round

techcrunch.com

59 pointsTedBlosser23 comments

Congrats to Ted and the WorkRamp team! We use WorkRamp to onboard all of our new employees at drchrono and it saves us a ton of time and everyone has positive experiences with using the product.

Thanks Michael!! We're happy to partner with such a great company like drchrono and we appreciate your continued feedback and support.

Can you say more about how Workramp is for start-ups and how it grows? The TC article had more than what I could find on the website about how onboarding leads to goals, leads to performance evaluation--but giving those tools to the SMB market would be huge. I had them when I worked at Deloitte, I'd love to have them at my current start-up.

Thanks for the question terravion! Great point about Deloitte--we wanted to take world class training programs (where companies have deep pockets) and make it accessible to SMBs/mid-market companies. We can help you build full development paths for your team--from onboarding all the way to promotion or changing roles. Happy to tell you more if you want to drop a quick line to ted@workramp.com

How is this a seed round at $1.8M after YC already put in its standard $120,000 for 7%? It seems more like a (light) Series A round for scaling.

According to our lawyer, here's how rounds are being classified right now:

<$1m is considered "angel" round, and typically done on SAFEs/notes

$1-4M is considered "seed" round, and is SAFE/note or equity

$5M+ is considered "A" round, and is equity plus normally a board seat

These names are arbitrary (though they can do some signalling). Especially the "angel" and "seed" which are basically the same thing.

Basically an "investment round" is when you sell equity (and thus set a price) the rest is debt, both legally and practically. If you don't need to file form D you didn't sell anything!

My understanding is that the most important attribute of an A round is that it fixes a specific valuation on your company.

Lots of companies take numerous "seed rounds"; some are continuously funding during the seed stage. They're not out of "seed" until they take a VC round that imposes a valuation on them.

It's also popular to price a seed round (from 500k up, in my experience) using the "Series Seed" legal documents that are close to boilerplate now. As a founder turned investor, it seems that those docs could be streamlined into software easily. Most of the terms are standardized at this point, aside from board seats.

Wish there was a demo or more info in form of a video. Right now the main focus on the landing page is a "Request Access" button.

Congrats guys! Awesome team with an incredibly high-need and well-executed product. Looking forward to seeing you guys scale!

Thanks for the kind words!

Congrats Ted and team! On-boarding is an important part of building successful teams and I'm looking forward to seeing what y'all come up with.

Awesome news. Was very happy to invest. I wish this existed for onboarding when we were scaling Cloudant.

Ted! This is awesome news. Let me know if you're around SF. Would love to hang. Jason

thanks Jason! Great to see you here on HN, would love to catch up soon.

Congrats!I'm a huge fan of Workramp, and really excited for them!

Are you guys selling yet? I need this for my startup asap.

you can drop me a note at ted@workramp.com and we can see if it's a good fit for you!

Congrats to Mike & Percia and the Workramp team!

Congrats, Ted!

This is great!

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