Clear Review, a cloud based performance development platform raised €2.9 Mn in Series A investment led by Albion VC, along with participation from Mercia.
Founded in 2016 by Stuart Hearn, Former HR Director at Sony, the cloud-based startup aims to enable a high performance culture by creating a transformational framework that replaces annual reviews and plans with real time feedback and agile goals. This framework enables people managers and employees to track conversations on feedback, goals and action plans.
“Clear Review’s flexible software solution and thought leadership in continuous performance management are delivering on employees’ rising expectations of continuous feedback and agile goals. We were particularly impressed by the overwhelmingly positive customer comments and the high user adoption rates of Clear Review’s system. Stuart and the talented team at Clear Review have an exciting opportunity to continue supporting businesses in transforming their performance management approach. We’re excited to support Clear Review in their next stage of growth”, said Emil Gigov, partner at AlbionVC.
Within three years of its launch, the startup has experienced rapid growth with over 200 customers implementing Clear Review’s cloud-based technology in their organizations. Shooting over €1.7 Mn in annual revenue, with 20 percent flowing in from the US market, the company is expanding both in people count as well as reach. The recent funding will be used to accelerate product development and build its presence in the US market.
Confident about taking Clear Review to the next level with the funding, Hearn said, “With the war for talent raging as strongly as ever, performance management is quickly moving up both HR and the C-Suite’s priority list. Crucially we’re seeing organizations view our technology as a catalyst for change, as opposed to an afterthought. We see customers such as CYBG/Virgin Money enjoying 96 percent monthly user adoption - unheard of with traditional models and systems.”
Performance management models have successfully established themselves as tools to help save time and track growth. Documented feedback conversations serve as a concrete growth chart for employees to regularly measure their progress and improvement areas, thereby enhancing their engagement and productivity.
The next challenge for HR Tech is whether these tools can leverage AI to help identify the skill gaps and suggest customized upskilling solutions for each employee.