15Five has successfully raised $94.3 million over six funding rounds, establishing itself as a significant player in the performance management space. The platform offers a comprehensive suite of tools designed to enhance employee performance and engagement through continuous feedback and development.
Keep reading to explore the intricacies of 15Five's fundraising journey and the investors backing this innovative platform.
What Is 15Five?
Founded by David Hassell, Shane Metcalf, and Nazar Ivaniv, 15Five is a continuous performance management solution that helps employees grow and develop through a lightweight weekly check-in. The company was established in 2011 and has offices in New York City, San Francisco, and Raleigh.
15Five offers a suite of tools for continuous feedback, objectives (OKR) tracking, recognition, 1-on-1s, and 360° reviews. The platform is designed to improve employee performance and development in just 15 minutes each week.
With a team of 51-200 employees, 15Five is highly rated on Glassdoor and has received significant investment from top investors. The company emphasizes health and well-being, flexible work arrangements, and aims to create a positive impact in the workplace.
How Much Funding Has 15Five Raised?
- Seed Funding Round
- Amount Raised: $1 million
- Date: January 15, 2013
- Lead Investors: Richmond Global
- Motivation Behind the Round: To expand marketing and product development efforts and accelerate customer acquisition.
- Series B Funding Round
- Amount Raised: $30.7 million
- Date: 2019
- Motivation Behind the Round: To expand its employee development toolkit.
- Growth Funding Round
- Amount Raised: $52 million
- Date: July 21, 2022
- Lead Investors: Quad Partners
- Motivation Behind the Round: To expand its performance management platform, including areas like coaching and education.
Total Amount Raised: $83.7 million. Current Valuation: Not disclosed.
Key Investors
- Quad Partners
- Details: Quad Partners is a private equity firm that invests in education and workforce development companies. They focus on businesses that help individuals achieve their full potential through learning and development.
- Investment Focus Areas: Education, workforce technology, human capital.
- Notable Investments: Noodle, Rubicon, LearnZillion.
- Edison Partners
- Details: Edison Partners is a growth equity firm that invests in technology-enabled solutions. They have a strong track record of helping companies scale and achieve significant growth.
- Investment Focus Areas: Fintech, healthcare IT, enterprise solutions.
- Notable Investments: Billtrust, MoneyLion, Clearpool Group.
- Next47
- Details: Next47 is a global venture firm backed by Siemens, focusing on innovative startups. They aim to support companies that are transforming industries through technology.
- Investment Focus Areas: Industrial technology, cybersecurity, artificial intelligence.
- Notable Investments: Markforged, Verkada, Ridecell.
- Origin Ventures
- Details: Origin Ventures is an early-stage venture capital firm that invests in software and marketplace businesses. They focus on companies with strong growth potential and innovative solutions.
- Investment Focus Areas: SaaS, e-commerce, digital media.
- Notable Investments: Grubhub, Cameo, Tock.
- Matrix Partners
- Details: Matrix Partners is a venture capital firm that invests in early-stage companies. They have a long history of backing successful startups in various technology sectors.
- Investment Focus Areas: Enterprise software, consumer technology, fintech.
- Notable Investments: HubSpot, Zendesk, Oculus.
What's Next for 15Five?
15Five is poised to capitalize on the growing demand for remote work management tools and performance management solutions. With a customer base that includes companies like Credit Karma and Spotify, the potential for expansion into coaching and education is significant. The company aims to double down on providing not just insights but also tangible outcomes, making it a comprehensive solution for businesses.
Future fundraising opportunities seem promising, especially given the recent $52 million round led by Quad Partners. However, 15Five will need to navigate challenges such as competition from other HR tech companies and the need for continuous innovation. The company's focus on performance management and employee development positions it well for future growth, but staying ahead in a rapidly evolving market will be crucial.
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