San Francisco based performance management software startup 15Five has bagged a $30.7 million Series B capital led by Siemens' strategic investment arm. The funding round also saw participation from Matrix Partners, PointNine Capital, Jason Calacanis’s LAUNCH Fund, Newground Ventures, Bling Capital, Chaifetz Group, and Origin Ventures. Prior to this round, the Series A fundraising for 15Five came in December last year when Origin Ventured led the $8.2 million round. The latest financing takes the total amount raised by the firm to $42.1 million.
Launched in 2011 by David Hassell and Nazar Ivaniv, the platform helps the employees by giving them regular feedback, helping them give their best and grow. 15Five offers the cloud-based software which helps them evaluate and improve employee performance. The firm claims to have helped more than 2,000 businesses across the world.
The freshly raised funds will go towards the expansion efforts, scale sales and marketing and invest “heavily” in continued product development. At the same time, 15Five wants to hire more people in their team to double their employee count.
Hassell, the CEO of the firm talking about the funding and how it is going to use it said, “This latest round of funding signifies a paradigm shift in organizations’ people management practices, driven by a new generation of employees. Millennials perform at their peak when given regular feedback, flexibility in how they work, and growth opportunities. Now as managers, directors and even founders, they see the value of investing in technologies that enable thriving workplaces. We believe that the market has arrived and demand for talent management software like 15Five will continue.”
Next47 partner Matthew Cowan commenting on the latest participation in the funding round noted that “15Five has established a leadership position in the high-growth market for continuous performance management solutions. They have a simple yet elegant technology solution that reflects the needs of the modern day employee. As millennials take on an increased percentage of the workforce and workforces become more distributed, corporations such as Siemens and the customers they serve, are rethinking how they manage their employees. We look forward to leveraging our relationships to help 15Five achieve accelerated future growth.”
Image Courtesy : The American Genius