Photo: Deidre Paknad / Credit: Workboard
Workboard, a Redwood City, California-based enterprise strategy and results management company, announced it raised $23 million in Series B funding led by GGV Capital. Microsoft’s venture arm M12, Workday Ventures, Floodgate, Opus Capital, and other existing investors also participated in this round.
Including this funding round, Workboard has raised more than $35 million to help enterprises achieve growth plans at a faster and more efficient pace.
And this investment comes on the heels of Workboard announcing it saw 3x revenue growth last year. The company also rapidly expanding with existing customers and launched the OKR Coach Certification program.
“To be competitive in fast-changing markets, organizations must continuously adjust their strategic priorities and drive lateral alignment on them to create the most impact. It’s a pervasive challenge that can become an existential threat,” said Workboard CEO and co-founder Deidre Paknad. “The traditional people-and-PowerPoint approach to alignment and accountability fails at scale and speed. Workboard enables organizations to cohesively align, measure and drive an active strategy at market speed.”
Deidre Paknad is a three-time entrepreneur and she is known for creating a software category that went from $0 to $300 million. This idea was the collision between rising legal duties for data and rising data volumes and the company that brought it to market was PSS Systems. Paknad served as CEO of PSS Systems until the company’s acquisition by IBM in 2010. Deidre founded Workboard with CTO and VP of Engineering Daryoush Paknad in 2014.
Some of Workboard’s customers include Malwarebytes, Go1, Influitive, Cisco, Reliance Industries, Transamerica, GE, Samsung, Microsoft, AmTrust, 8X8, Intellidyne, and eSilicon.
“Alignment on outcomes is quickly becoming the gating factor on company growth and it’s fundamentally a CEO issue. Workboard has a superb understanding of this challenge and provides a compelling solution in its results platform and consulting services,” added GGV Capital managing partner Jeff Richards. “They’ve assembled a powerhouse enterprise leadership team to lead the category they’ve created, so we’re pleased to be a part of their company-building.”
This new round of funding will enable Workboard to increase its investment in the platform and technology. And the company will grow its sales and services organizations to meet the increasing demand for the only operational OKR offering for large enterprises.
“Workboard’s impressive growth is a reflection of the market, the solution, and the team,” explained M12 principal Priya Saiprasad — who is also a Workboard board member. “We are excited to continue supporting Workboard in their quest to be the leading enterprise results platform at a time when objectives and key results are becoming the alignment norm for large, nimble enterprises.”
