15Five Raises $52M in New Funding to Drive the HR Transformation of Where, How, and Why We Work
I am excited to announce that we’ve received $52 Million in Series C funding, led by Quad Partners with additional funding from our previous investors Next47, Origin Ventures, Edison Partners, Matrix Partners, Point Nine Capital, and New Ground Ventures.
This latest funding round validates our proven approach to human-centered talent management and strengthens 15Five’s role as a foundational layer in a new world of work, enabling strategic HR leaders with innovative ways to attract, develop, and retain the best talent.
We’ll use this new round of funding to invest in research and development to further connect the ability to measure performance (via engagement surveys, performance reviews, and OKRs) and accelerate the integration of software with coaching. The goal is for every manager to impact team performance more effectively and efficiently. We’ll also build on the success of our rapid growth, scaling our go-to-market strategy by expanding into new markets and pursuing potential future acquisitions.
I feel grateful for every customer who trusts us to help them measure performance and then drive action with every employee. I thank our most recent investors and previous partners who believed in what we are trying to achieve throughout the years. But most of all, I want to thank every one of our dedicated employees. Without you, none of this would be possible.
Where, How, and Why We Work
Thinking back to our company’s humble beginnings in 2011, we’ve seen a massive shift in the world of work, and specifically in the world of progressive HR, toward more of a people-centric view around performance that has culminated in HR’s role now being strategic in nature instead of primarily administrative. Today’s Chief People Officers are focused on creating high execution environments that drive high performance by ensuring people are incentivized in intrinsically motivated ways. Our recent fundraise allows us to accelerate our continued innovation and help HR leaders thrive in this new era.
The upheaval of the last few years has rapidly increased the inevitable—a seismic shift in where, how, and why we work. Many companies are still unsure of the “where”, with remote, hybrid, and in-office options. They are searching for solutions to train managers who can maintain productivity remotely, by knowing how to communicate expectations and build strong teams based on trust and accountability.
The “How” and “Why” is that new generations of employees 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.
Responding to those needs has been part of our ethos since the beginning. 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. That’s still true, but how we do that has evolved.
15Five’s software 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.
A Partnership of Purpose
With a lofty mission to create highly-engaged, high-performing organizations by helping people become their best selves, and an even loftier vision to unlock the potential of every member of the global workforce, we have always sought investors who are as inspired by those goals as they are by our financial success.
And once again, we are fortunate to have discovered a great match with Quad Partners, one of the most active investment firms in the education industry. Their team is aligned with our mission and how we’ll evolve, particularly around manager coaching and training, and supporting people in order to unlock their potential.
According to Connor O’Keefe, principal at Quad Partners, “We’ve been hyper-focused on partnering with companies that play a role in helping individuals at every age become empowered, engaged, and fulfilled. Education and personal growth is a lifelong journey. Now more than ever, companies are expected to facilitate organizational development by engaging employees, training managers, and enabling individual and business performance. What was compelling to us, and led to our investment in 15Five, is its cohesive mission and vision in building solutions that truly unlock the potential of each and every employee.”
We’ve seen some big shifts in the economy in recent months, as a tight labor market endures. 15Five will continue to support our HR partners at more than 3,400 companies because no matter what the outside conditions are, they’ll need to know who their high performers are, be able to incentivize them, support them, and drive high performance.
