15Five, a pioneer in talent management HR technology, raises $52 million to boost its own performance
15Five — a pioneer in the world of building technology to help motivate teams and improve performance management for executives overseeing those teams — raised $52 million in a growth funding round that ‘he will use to develop his own performance.
Now in use at some 3,400 businesses – clients include Credit Karma, Spotify and Pendo, with its sweet spot specifically for companies with between 100 and 2,500 employees – the startup will double what David Hassell, CEO and founder of 15Five, describes as providing not only information, but also results, ushering in a broader movement in areas such as coaching and education to expand a platform that today is used to help track and set goals for teams and the individuals within them. as providing insights, but also results, ushering in a broader movement in areas such as coaching and education to develop a platform that today is used to help track and set goals for teams and the individuals who compose them.
“We’re going to continue to innovate and focus on the things that actually deliver results,” he said.
Quad Partners – a niche investor focused on education and “workforce” technology – is leading this round, with participation from Edison Partners, Next47, Origin Ventures, Matrix Partners, Point Nine Capital and New Ground Ventures. Hassell said the startup does not disclose a valuation. Before that, he had raised around $42 million, with his last pre-pandemic round, a Series B of $30.7 million in 2019.
The years since that last round have been a huge boost for 15Five and its mission as a company. Specifically, COVID-19 and its impact on the way people work and their productivity, under new circumstances such as remote working, has shed light on how organizations manage these teams and how workers are impacted by these new terms. Tools like 15Five have found themselves in an interesting position: where previously some might have viewed technology to help shape and work towards goals as potentially nice to have, in the absence of being able to see and work with in-person teams, these tools have suddenly taken on a vital role. In best-case scenarios, where the tools themselves are solid and well-used, for managers, they gave them important insights into how people were doing; for workers, it helped them identify and shape what they were doing and where they were going and wanted to go in their work.
“It’s been very interesting to see how the whole world has come our way and how things have evolved since we started,” Hassell told me. At first, his mission was to solve a problem for, as he puts it, “CEOs and managers because HR was more administrative back then.”
HR these days has become much more complex and the legacy tools that HR teams have used have really started to be re-evaluated, opening the door for companies like 15Five to bring more functionality and scope to their work.
“We’re now, I think, probably the only HR technology platform that’s been built on a powerful management platform because that’s what we started building,” he said.
There are a number of enterprise software vendors on the market today that address the challenges of human resources, corporate training and education, and performance management, but what makes 15Five unique among them is how he integrates it all and how he does it. first and foremost from a performance management perspective, which is a subtle but important distinction as it informs how, for example, education and training tools are constructed and incorporated, and at what end. It also opens up the scope of how technology can evolve in a very interesting way.
“We have invested heavily in the educational space and in businesses that help human beings at all ages become empowered and ultimately feel fulfilled,” Connor O’Keefe, principal of Quad Partners, said in a statement. “Education and personal growth don’t stop when you graduate in four years. It is a natural extension for us to help companies facilitate professional development in other organizations by assessing people, training managers and being able to rapidly improve individual and business performance. What seduced us and led us to invest in 15Five is its coherent mission and vision. Personal growth is at the heart of everything 15Five does.