15Five, a pioneer in performance management, has raised $52 million in funding to accelerate growth and continued innovation. Led by Quad Partners with additional funding from previous investors Next47, Origin Ventures, Edison Partners, Matrix Partners, Point Nine Capital, and New Ground Ventures, the Series C round validates 15Five’s approach to human-centered talent management and its role in achieving a company’s business outcomes.
HR departments continue to grapple with the seismic shift in how, where and why we work. The fluidity of the work environment, with remote, hybrid and in-office options all part of the mix, is prompting the need for additional training for managers to maintain productivity. New generations in the workforce have different expectations around what work should provide; in addition to a paycheck, they want inclusive workplaces that foster a sense of belonging, more professional development and purpose-driven employment.
The funding strengthens 15Five’s role as a foundational layer in this new world of work, enabling strategic HR leaders with innovative ways to attract, develop, and retain the best talent.
“One of our founding beliefs was that the best companies in the future would be the ones that figured out how to motivate their people and unlock their potential, informed by the understanding that thriving humans create thriving businesses,” said David Hassell, CEO of 15Five. “And that’s still true. But how we do that has evolved. Our tools help HR leaders implement performance reviews, engagement surveys, and alignment around goals, with a through-line to training and coaching for frontline and first-time managers. We believe that managers are the keystone of high performance, not just in overseeing the work, but in helping to tap into the unique strengths and passions of every member of their team.”
15Five’s combination of subscription software, training and coaching enables strategic HR leaders to measure engagement and performance in the flow of work, then empower their managers to drive change from the bottom up.
The subscription training and coaching is delivered through 15Five’s newest product, Transform, which was launched last summer. It helps managers develop next-generation leadership capabilities through a blended learning model of customized coaching and an online educational offering.
15Five built every aspect of its solution to meet the needs of small- and medium-sized businesses (100 – 2,500 employees), with a focus on intuitive design, ease of use and rapid implementation and adoption. For example, 15Five integrates with HRIS, payroll and other critical systems that allow HR leaders to collect and analyze data on how their people are performing to make decisions and remain agile.
Lead investor, Quad Partners, long active in the education arena, shares the belief that employees’ professional development is elemental to the long-term health of the organization. Employee growth supports current performance goals and responds to the needs and desires of the next generation of employees.
15Five’s last raise was a B round of $30.7 million in 2019. The company will use this new round of funding to invest in R&D to connect the ability to measure performance (via engagement surveys, performance reviews, and OKRs) and accelerate the integration of software with coaching, so managers can affect team performance more effectively and efficiently. It also builds on the success of its growth, scaling its go-to-market strategy by expanding into new markets and pursuing potential future acquisitions.
To learn more about 15Five’s human-centered performance management platform, please visit 15Five.com.
