15Five, the pioneer in continuous performance management, has recently announced the close of a $30.7 million Series B round led by Next47, a global venture firm created by Siemens, with participation from Matrix Partners, PointNine Capital, Jason Calacanis’s LAUNCH Fund, Newground Ventures, Bling Capital, Chaifetz Group, and Chicago and Salt Lake City-based Origin Ventures, which led the startup’s Series A funding round. This latest round of financing brings 15Five’s total capital raised to $42.6 million.
15Five will use the Series B funding to further accelerate growth, scale sales and marketing, and continue to invest heavily in their innovative product that delivers on the promise of their unique Best-Self Management methodology. 15Five’s further investment in talent, will more than double its 2018 headcount by the end of 2019 to a total of 190 employees.
“This latest round of funding signifies a paradigm shift in organizations’ people management practices, driven by a new generation of employees,” said David Hassell, Co-founder and CEO of 15Five. “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.”
15Five differentiates itself by basing its product and Best-Self Management approach on the latest research in organizational development and positive psychology. This new approach posits that when leaders build cultures and institute practices that support people in being and becoming their Best Selves, then high performance and uncommon loyalty are the result. Best-Self Management begins with a “Best-Self Discovery” process—setting at least one Personal Development Objective along with other quarterly OKRs—and leverages other key 15Five features like the Weekly Check-in and 1-on-1s.
“The best example of a product tie-in with Best-Self Management is the Best-Self Review, which replaces the ineffective and archaic annual performance review by primarily focusing on employee growth, development, and career trajectory,” said Hassell.
“15Five has established a leadership position in the high-growth market for continuous performance management solutions,” said Matthew Cowan, Partner at Next47, the Siemens-backed global venture firm. “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.”
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