US-based business planning software developer WorkBoard has raised $30m in a series C round featuring M12 and Workday Ventures, respective subsidiaries of software publisher Microsoft and enterprise software provider Workday.
Andreessen Horowitz led the round, which included fellow venture capital firm GGV Capital. The company has now received $35m altogether. David Ulevitch, general partner at Andreessen Horowitz, has joined its board of directors.
Founded in 2014, WorkBoard markets a software platform that helps managers monitor performance against a benchmarking model it terms Objectives and Key Results.
The series C cash will help WorkBoard expand its marketing and partnerships and upgrade its technology in areas like data visualisation and machine learning.
Granite Ventures and Opus Ventures co-led the company’s $2.7m seed round in 2014, investing together with Shea Ventures, the corporate venturing arm of home builder JF Shea, and Crosslink Capital.
M12’s precursor, Microsoft Ventures, joined Floodgate for WorkBoard’s $9.3m series A round in 2017, before GGV Capital led a $23m series B in March 2019 backed by Workday, M12, GGV Capital, Floodgate, Opus Capital and unnamed existing investors.