Betterworks Total Financing exceeds $65M with extended Series B Funding Round, Accelerating Growth of its Enterprise Continuous Performance Management® Solution
Redwood City, CA – March 7, 2019 – Betterworks®, the leading enterprise HR software for Continuous Performance Management®, today announced it has secured an additional $27 million, extending the company’s Series B investment to $51M and its total funding to more than $65 million. These B rounds were led by existing investors Emergence Capital with Kleiner Perkins and participation from seed investors as well. This investment will be used to maintain the pace of product innovation and to capitalize on accelerated sales momentum within enterprise organizations.
“Our customers rely on their continuous performance management programs on Betterworks to fuel critical business outcomes and, with that in mind, we maintained a breakneck pace of innovation in the past year,” said Betterworks CEO Doug Dennerline. “For the second year in a row, our platform saw a 100 percent increase in the key activities related to continuous performance management, including goal creation, performance conversations and feedback. As a result, our customers saw corresponding improvements in their alignment, enterprise agility, talent retention and overall performance.”
Enterprise sales of Betterworks’ Continuous Performance Management® software and professional services continue to be strong, as organizations recognize the need to quickly move beyond the outdated annual performance review and adopt the data backed, continuous approach to performance management pioneered by Betterworks.
“Betterworks provides the complete solution for companies looking to implement their unique continuous performance process through pairing quarterly Objectives and Key Results (OKRs) with the crucial conversations, feedback and recognition (CFRs) that align, motivate and develop their workforce,” said John Doerr, chairman of Kleiner Perkins and New York Times bestselling author of Measure What Matters. “For sustained competitive advantage, you want your entire team working on what matters most to the organization and to their own personal career development.”
Betterworks’ milestones in the past year include:
- Launched Program Insights giving HR teams powerful, intuitive visualizations that provide actionable insights into their performance management programs
- Extended product localization to include more than 20 global languages
- Introduced Team Goals, which increases visibility of cross-functional team goals and progress
- Significant increases in platform adoption, with the average user engaging with Betterworks every 10 days
- Introduced the company’s HR Advisory Council, comprising industry leaders including noted HR industry analyst and Betterworks board member Josh Bersin, Erin Flynn of Optimizely, Susan Lovegren of Medallia, Amy Capellanti-Wolf of Symantec and others
- Released industry-leading research into the performance management landscape with the second-annual Betterworks State of Continuous Performance Management Survey
- Launched MOTIVATE, a groundbreaking HR-industry event series featuring regional events scheduled throughout the United States including Silicon Valley and New York City
“The biggest challenge facing today’s business leaders is improving workforce productivity and performance,” Bersin said. “The key to sustained competitive advantage is adoption of continuous performance practices that are seamlessly integrated into the employee’s flow of work, and Betterworks’ continued innovation in this space demonstrates its understanding of how HR technology must support each enterprise’s unique process and provide value to the employee.”
Betterworks® is HR software to align, develop and activate your workforce for business growth. Organizations are able to replace outdated, ineffective, universally loathed annual review processes with powerful Continuous Performance Management® programs that help managers be better at the goal alignment, feedback, coaching and development conversations necessary to inspire and motivate the entire workforce to collectively achieve an organization’s top priorities today and be ready for tomorrow’s challenges.