Betterworks®, the leading enterprise HR software for Continuous Performance Management®, recently announced it has secured an additional $27 million, extending the company's Series B investment to $51Mand its total funding to more than $65 million. These B rounds were led by existing investors Emergence Capital with Kleiner Perkins and participation from seed investors as well. This investment will be used to maintain the pace of product innovation and to capitalize on accelerated sales momentum within enterprise organizations.
"Our customers rely on their continuous performance management programs on Betterworks to fuel critical business outcomes and, with that in mind, we maintained a breakneck pace of innovation in the past year," said Betterworks CEO Doug Dennerline. "For the second year in a row, our platform saw a 100 percent increase in the key activities related to continuous performance management, including goal creation, performance conversations and feedback. As a result, our customers saw corresponding improvements in their alignment, enterprise agility, talent retention and overall performance."
Enterprise sales of Betterworks' Continuous Performance Management®software and professional services continue to be strong, as organizations recognize the need to quickly move beyond the outdated annual performance review and adopt the data backed, continuous approach to performance management pioneered by Betterworks.
"Betterworks provides the complete solution for companies looking to implement their unique continuous performance process through pairing quarterly Objectives and Key Results (OKRs) with the crucial conversations, feedback and recognition (CFRs) that align, motivate and develop their workforce," said John Doerr, chairman of Kleiner Perkins and New York Timesbestselling author of Measure What Matters. "For sustained competitive advantage, you want your entire team working on what matters most to the organization and to their own personal career development."
Betterworks' milestones in the past year include:
"The biggest challenge facing today's business leaders is improving workforce productivity and performance," Bersin said. "The key to sustained competitive advantage is adoption of continuous performance practices that are seamlessly integrated into the employee's flow of work, and Betterworks' continued innovation in this space demonstrates its understanding of how HR technology must support each enterprise's unique process and provide value to the employee."
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