US-based employee performance management platform 15Five closed a $30.7m series B round yesterday led by Next47, a strategic investment arm of conglomerate Siemens.
Matrix Partners, PointNine Capital, Launch Fund, Newground Ventures, Bling Capital, Chaifetz Group and Origin Ventures also contributed to the series B round.
Founded in 2011, 15Five has created a continuous performance management platform that enables managers to give feedback to employees, track objectives, award recognition, offer one-on-one chats and hold reviews.
The capital will allow 15Five to accelerate business growth, increase sales and marketing activities and drive product development. The company will also grow its headcount, more than doubling the number of current staff to 190 by the end of the year.
15Five has now raised $42.6m in total funding. Origin Ventures previously led an $8.2m series A round in December 2018, with participation from New Ground Ventures, Chaifetz Group, Launch Fund and Matrix Partners.
Matrix Partners and PointNine Capital had already supported a $2.2m seed round in 2014, investing alongside assorted angel investors. In 2013, 500 Startups and Launch Fund backed an initial $1m seed round that also featured several private investors.
Matthew Cowan, partner at Next47, said: “15Five has established a leadership position in the high-growth market for continuous performance management solutions. 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.”
