March 2, 2018 – Investment dollars continue to pour into new technology designed to change the talent management industry. The latest: Reflektive, an HR analytics and employee engagement platform, has raised $60 million in Series C funding.
The round was led by TPG Growth, the global middle market and growth equity platform of alternative asset firm TPG.
Existing investors Andreessen Horowitz and Lightspeed Venture Partners also participated in the round.
Reflektive intends to use the cash infusion to invest in research and development to help grow its cloud-based platform of people management solutions. The company also plans to double its engineering team and expand go-to-market strategies worldwide across customer segments and industry verticals, with a relentless focus on customer success.
“We believe HR leaders should focus less on managing processes and more on strategic initiatives that affect the bottom line,” said Rajeev Behera, CEO of Reflektive. “Our goal is to help companies scale best-in-class people management practices to all their leaders in order to maximize employee productivity and retention.”
Reflektive offers a suite of core performance management applications for managers and employees to provide real-time feedback, set and manage goals, and conduct regular check-ins to improve engagement, skills development and strategic alignment. It integrates with frequently used tools such as Slack, Gmail and Outlook, enabling people to seamlessly incorporate feedback and goal alignment into their day-to-day workflows.
Reflektive’s customers include: Ubisoft, CreditKarma, Pinterest, Braintree, Twilio, Flatiron Health, Ultragenyx, Glassdoor, MuleSoft, Quantcast, Thumbtack, Hearsay Social, Doctor on Demand, Quora, AltSchool, SquareTrade, Blue Jeans Network, Digital Ocean, Mixpanel, Instacart, Xamarin and Lyft.
“In today’s increasingly dynamic workplace, companies across sectors and around the globe are fundamentally rethinking the way they engage, develop, and retain talent,” said Brian Dunlap, sector leader for technology, media & telecommunications of Rise Fund at TGP Growth, who will join Reflektive’s board of directors. “Unlike many other HR solutions built primarily for administrators, Reflektive offers companies an innovative, employee-centric people management platform that is designed to be engaging, helpful and used daily by employees, managers, and teams across organizations.”
TPG Growth, which manages more than $13 billion in assets, previously invested in SuccessFactors, a performance and people management SaaS platform that later sold to SAP.
Other investors are also pouring money into HR recruiting solutions. Here’s a look at some recent funding deals secured by these companies from the Hunt Scanlon Media archives:
ENGAGE Talent, an AI software company that helps companies identify and effectively engage with passive candidates, has raised $3 million in new funding. Participating investors included Revolution’s Rise of the Rest Seed Fund, Refinery Ventures and Grand Ventures.
Joveo, a recruitment technology platform, raised $5 million in Series A funding led by Nexus Venture Partners. The start-up intends to use the cash infusion to continue to accelerate its product offerings, expand its partnerships and scale its AI/deep-learning layer. Apart from the funding announcement, Joveo also made public its acquisition of Ripple Labs.
New York-based human cloud firm Hyr raised $1.3 million in a seed funding round led by venture capital firm Flybridge Capital Partners, according to media reports. Hyr, which matches gig workers with hospitality companies, has boarded more than 10,000 workers since it started last year. The company is led by Erika Mozes and Joshua Karam.
ExecThread, a job-sharing network for executives and an aggregator of unpublished executive level job opportunities, has secured $6.5 million in an oversubscribed equity financing. ExecThread was created by CEO Joe Meyer to address shortcomings in the traditional executive search process that he says he witnessed as both a candidate and as a hiring manager.
Personio, the German HR management and recruiting platform, has raised $12 million (€10.5 million) in a series A round from investor Northzone. With the influx of new money, Personio is looking to push its software-as-a-service (SaaS) product in an effort to become the leader in the human resources software market for small and mid-sized companies across Europe.
Workey, the next-gen AI solution for career development and recruitment, has launched in the U.S. after closing an $8 million Series “A” funding round, led by PICO Partners and Magma VC. The funding was immediately put to use, with Workey opening an office in New York City and hiring for that location already underway.
YouEarnedIt, an SaaS company that is attempting to alter how companies drive employee engagement and bottom line performance metrics, recently closed $6.5 million in funding. YouEarnedIt can consolidate employee engagement initiatives into one, easy to use mobile platform.
Talent acquisition platform SmartRecruiters recently raised $30 million in series C financing, led by Insight Venture Partners. The company plans to leverage the additional capital to sustain its rapid growth, accelerate its global market presence, and continue to invest in its product footprint to serve the needs of the more than 5,000 enterprise companies.
Glassdoor, the job and recruiting marketplace, closed a $40 million investment round recently, led by funds and accounts advised by T. Rowe Price Associates. The financing will support Glassdoor’s continued growth and investments in product, marketing and people around the globe, according to internal sources at the company.
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; Stephen Sawicki, Managing Editor; and Andrew W. Mitchell, Managing Editor – Hunt Scanlon Media