- Continuous performance management 15Five announced it raised $30.7 million in Series B led by Next47
Continuous performance management 15Five announced it raised $30.7 million in Series B funding led by Next47 — which is a global venture firm created by Siemens. Matrix Partners, PointNine Capital, LAUNCH Fund (Jason Calacanis), Newground Ventures, Bling Capital, Chaifetz Group, and Origin Ventures also joined this round. Including this round of funding, 15Five has raised a total of $42.6 million.
15Five plans to use this round of funding to further accelerate growth, scale sales, and marketing. And the company is going to continue to invest heavily in its innovative product that delivers on the promise of their unique Best-Self Management methodology. And 15Five’s further investment in talent will also 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 15Five co-founder and CEO David Hassell. “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 differs itself from rivals by basing its product and Best-Self Management approach on the latest research in organizational development and positive psychology. And 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 starts with a “Best-Self Discovery” process-setting at least one Personal Development Objective along with other quarterly OKRs and it 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,” added Hassell.
With weekly check-ins, 15Five delivers everything a manager needs to maintain visibility and impact employee performance, including continuous feedback, objectives (OKR) tracking, recognition, 1-on-1s, and 360° reviews. Some of 15Five’s customers include Hubspot, Spotify, and Credit Karma.
“15Five has established a leadership position in the high-growth market for continuous performance management solutions,” explained Next47 partner Matthew Cowan. “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.”