US-based business planning software developer WorkBoard has raised $23m in a series B round that included corporate venturing subsidiaries of enterprise software producer Workday and software provider Microsoft.
Workday Ventures and M12 were joined by venture capital firm GGV Capital, which led the round, as well as Floodgate, Opus Capital and other existing backers.
Founded in 2014, WorkBoard has developed a software platform that helps enterprises establish objectives and key results goals, a framework that is designed to define and measure business objectives and their outcomes.
The company will put the funding toward the further development of its technology and the expansion of its sales and services operations.
Microsoft Ventures and Floodgate had already participated in WorkBoard’s $9.3m series A round in late 2017, which came after a $2.7m seed round co-led by Granite Ventures and Opus Capital and backed by Shea Ventures, home builder JF Shea’s corporate venturing unit, and Crosslink in 2014.
M12 principal Priya Saiprasad said: “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.”