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WorkBoard, a pioneer in Enterprise Results Management, closed a $30 million Series C funding round led by Andreessen Horowitz
Fremont, CA: WorkBoard, a pioneer in Enterprise Results Management, closed a $30 million Series C round of financing led by Andreessen Horowitz. The round comes as the exponential hike in the company sales in 2019, fuelled by both new customers and those existing within its large enterprise customerbase. Existing investors, including GGV Capital, M12 (formerly Microsoft Ventures), and Workday Ventures, were also participated in the funding.
Nowadays, large enterprises are adopting Objectives and Key Results (OKRs) as a vehicle to drive smart and quick growth rather than another initiative on employee performance. WorkBoard's unique results management platform aligns, measures, and encourages growth strategies at both large scale and speed. Workboard's enterprise clientele includes Cisco, Cision, Comcast, Microsoft, Malwarebytes, IBM, Juniper, Workday, Secureworks, Seismic, Reliance Industries, and Zuora. These companies have used WorkBoard enterprise-wide, strengthening the company's position in the market.
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"Getting the organization aligned, engaged, and executing on the strategy is the most important job of leaders, but in the past, they lacked a systematic, data-driven, and transparent way to do it," said Deidre Paknad, CEO and co-founder of WorkBoard. "We started addressing the problem - and its resulting drag on growth - several years ago. Today, savvy leaders know they can't grow fast if they manage slowly. The 2010 approach to aligning and driving the 2020 growth plan doesn't work. We are delighted to help some of the fastest-growing companies in the world accelerate alignment and results."
Workboard's latest investment will increase its penetration in the market, go-to-market partnerships, and in core technological areas like machine learning and data visualizations.
Andreessen Horowitz General Partner, David Ulevitch, will join the WorkBoard's board of directors, soon.
"WorkBoard's focus on enabling CEOs and GMs to activate and drive their business strategy faster distinguishes it from other HR applications designed to measure individual employees," Ulevitch said. "As a former CEO, I see the WorkBoard solution as an essential part of communicating goals, increasing organizational transparency, and ultimately running a company. We are very excited to help WorkBoard expand its category leadership."
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