With the latest round of expansion investment, 15Five, an early mover in the realm of designing technology that helps encourage teams and improves performance management for executives controlling those teams, has secured 52 million to increase its own performance.
It is currently used by 3,400 companies, including Credit Karma, Spotify, and Pendo, with a focus on companies with between 100 and 2,500 employees, and the startup plans to expand its focus to include areas such as coaching and education in order to further expand a platform that is currently used to assist in tracking and setting goals for companies in this size range.
We will continue to innovate and focus on the things that genuinely bring outcomes,” he added.
Among the other investors, Edison Partners, Next47, Origin Ventures, Matrix Partners, and New Ground Ventures join with education and “workforce” technology expert Quad Partners to head this round. There is no information on how much the startup is worth, Hassell added. As a recap, the company raised over 42 million prior to this round, the latest of which was before the pandemic and totaled 30.7 million in 2019.
15Five and its purpose have benefited much from the years since the last round of funding. It has been shown that Covid-19 has had a significant influence on how firms manage their teams and how workers are affected by changing situations, such as working remotely. It’s an interesting position for tools like 15Five’s to find themselves in: Previously, some might have considered tech to help shape and work toward goals as potentially nice to have, but in the absence of being able to see and work with teams in person, those tools suddenly took on an essential role. Workers and managers both benefit from strong and effective use of the tools in the best-case circumstances; in the worst-case scenarios, the tools can be a hindrance.
He said, “It’s been extremely intriguing to observe how the world has come our way and how things have grown since when we first started.” Hassell agreed. Because HR was more bureaucratic back then, his initial goal was to help “CEOs and managers,” as he described it.
After decades of using outdated HR systems, organisations like 15Five are now able to offer a new level of capability and scope to their work because of a shift in the industry.
We are now, I believe, the only HR technology platform built on top of a robust management platform since that’s what we started with,” he added.
15Five stands out from other enterprise software providers because it integrates HR, enterprise training and education, and performance management from the perspective of performance management, a distinction that may seem subtle at first, but has a significant impact on how, for example, educational and training tools are developed. 15Five is a pioneer in this area. It also provides a fascinating glimpse into how technology may grow in the future.
A Quad Partners principal stated, “We’ve invested a lot in the education industry and in firms that enable human beings at every age become empowered and eventually feel happy,” according to a statement.“Education and personal growth doesn’t stop when you get your four-year degree. It’s a natural extension for us to help companies facilitate professional development in other organizations by assessing people, training managers, and being able to make rapid improvements in individual and business performance. What was compelling to us, and led to our investing in 15Five, is its cohesive mission and vision. Personal growth is at the crux of everything 15Five does.”