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15Five, a talent management HR technology pioneer, raises $52 million to improve its own performance – londonbusinessblog.com

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15Five — an early mover in the world of construction technology to motivate teams and improve performance management for executives overseeing those teams — has raised $52 million in a round of growth funding that it will use to expand its own performance.

Now in use by some 3,400 companies — 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 on what David Hassell, the CEO and founder of 15Five, describes as not just providing insights, but results, ushering in a broader shift into areas like coaching and education to expand a platform used today to help track and set goals for teams and individuals within them.

“We will continue to innovate and focus on the things that actually deliver the results,” he said.

Quad Partners – a specialist investor focused on education and ‘personnel’ technology – leads this round, which also includes Edison Partners, Next47, Origin Ventures, Matrix Partners, Point Nine Capital and New Ground Ventures. Hassell said the startup did not disclose a valuation. Before that, it had raised about $42 million, with its last round pre-pandemic, a $30.7 million Series B in 2019.

The intervening years since that last round have been a big boost for 15Five and its mission as a company. In particular, Covid-19 and its impact on how people work and their productivity, under new circumstances, such as remote working, have shed a spotlight on how organizations manage those teams and how employees are affected by those new circumstances. Tools like 15Fives were in an interesting position: While some may previously have liked technology to shape and work towards goals, lacking the ability to see and collaborate with teams in person, they are tools suddenly useful an essential role. In the best scenarios, where the tools themselves are solid and well used, for managers, they gave them important insights into how people were doing; for employees, it helped them identify and shape what they were doing and where they were going, and wanting to go in their work.

“It’s been really interesting to see how the whole world has come our way and how things have evolved because when we first started,” Hassell told me. In the beginning, his mission was to solve a problem for, as he put it, “CEOs and managers because HR was more administrative at the time.”

Today, HR has become significantly more complex and the legacy tools HR teams have been using are really being reassessed, allowing companies like 15Five to add more functionality and scope to their work.

“We are now, I think, probably the only HR technology platform built on top of a powerful manager platform, because that’s what we started with,” he said.

There are a number of enterprise software companies in the market today that are addressing the challenges of HR, corporate training and education, and performance management, but what makes 15Five unique is how it integrates all of these and how it does it from the first place. the perspective of performance management, which is a subtle but important distinction, as it informs how, for example, educational and training tools are built and integrated, and for what purpose. It also opens up very interesting how the technology can evolve.

“We have invested heavily in the education space and in companies that help empower people of all ages and ultimately feel fulfilled,” said Connor O’Keefe, director at Quad Partners, in a statement. “Education and personal growth don’t stop with completing your four-year degree. It is a natural extension for us to help companies facilitate professional development in other organizations by assessing people, training managers and achieving rapid improvements in individual and business performance. What appealed to us and led us to invest in 15Five is its cohesive mission and vision. Personal growth is central to everything 15Five does.”

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