Performance management startup 15Five has raised $52 million in funding to accelerate growth and innovation. The Series C funding round is led by Quad Partners with additional funding from previous investors Next47, Origin Ventures, Edison Partners, Matrix Partners, Point Nine Capital, and New Ground Ventures.
“One of our founding beliefs was that the best companies in the future would be the ones that figured out how to motivate their people and unlock their potential, informed by the understanding that thriving humans create thriving businesses,” said David Hassell, CEO of 15Five.
“And that's still true. But how we do that has evolved. We believe that managers are the keystone of high performance, not just in overseeing the work, but in helping to tap into the unique strengths and passions of every member of their team.”
15Five and lead investor Quad Partners, long active in the education arena, share the belief that employees’ professional development is elemental to the long-term health of the organization. Employee growth supports current performance goals, and also responds to the needs and desires of the next generation of employees.
15Five’s last raise was a B round of $30.7 million in 2019. The company will use this new round of funding to invest in R&D to further connect the ability to measure performance (via engagement surveys, performance reviews, and OKRs) and accelerate the integration of software with coaching, so managers can impact team performance more effectively and efficiently.
It will also build on the success of its rapid growth, scaling its go-to-market strategy by expanding into new markets and pursuing potential future acquisitions, according to a statement by the company.
15Five customers include Spotify, CreditKarma, Hubspot, and Pendo.