June 17, 2016 – Reflektive, an HR analytics and employee engagement platform, has secured $13 million in series A funding led by Lightspeed Venture Partners. Reflektive will use the new funding to accelerate development of its platform, enhance customer success and hire across all departments to support its mission to revolutionize performance management. Existing investors, including Andreessen Horowitz, participated in the round, bringing the company’s total funding to $17 million.
Due to the demand for modern performance and talent development solutions, Reflektive has experienced substantial growth since its 2014 launch. The company has multiplied its revenue by 10 times year-over-year and has surpassed 150 customers, including 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.
Reflektive today also launched its Reflektive Talent Development Platform, a continuous performance solution that includes real time feedback, performance check-ins, goal management and easily configured performance reviews. The platform hopes to help companies transition from older performance management systems to streamlined, integrated and developmentally-based performance programs.
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“We have met with thousands of human resources executives who struggle with their outdated performance management processes and systems,” said Rajeev Behera, Reflektive co-founder and CEO. “Our technology has found a very strong product-market fit in helping companies transition to a modern and integrated performance management solution that optimizes employee performance, drives company alignment, and provides continuous talent development. We are thrilled to launch the talent development platform and welcome Lightspeed Venture Partners to our team.”
Companies that win the war for talent are the ones that win big, said Lightspeed partner Nakul Mandan. “Accordingly, it is mission critical for CEOs and HR heads to implement talent management initiatives that are both effective and efficient. In today’s world, existing HR processes can be extremely cumbersome – the team at Reflektive has built a beautiful solution to a big pain point and are helping to maximize productivity and success for companies and employees alike,” he said. “We’re thrilled to partner with Rajeev and his team as they redefine how companies think about talent management.”
Lightspeed Venture Partners is an early stage venture capital firm focused on accelerating disruptive innovations and trends in the enterprise and consumer sectors. Over the past two decades, the Lightspeed team has backed and helped build more than 200 companies globally, many of which have become market leaders. The firm currently manages over $3 billion of committed capital and is currently investing out of Lightspeed X, a $635 million fund and Lightspeed Select, a $430 million fund.
Investors continue to pour money into HR and analytical recruiting solutions. Here is a look at some recent funding deals secured by these companies:
- Glassdoor, a job and recruiting marketplace, closed a $40 million investment round 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;
- Invenias, a U.K.-headquartered global cloud-based platform for executive and strategic hiring, secured $2.8 million in funding. The financing package includes $1.1 million in new funding from existing investor MMC Ventures, supported by $1.7 million in debt funding from Clydesdale & Yorkshire Banks. The funding will be used to help the firm execute on its international growth plans as well as invest in R&D and support its expanding customer base;
- CoreHR, a provider of cloud-based human capital management and payroll software, recently received an investment from JMI Equity, a growth equity firm focused on investing in software and services companies, and JMI Services LLC, which is the family investment company of John J. Moores;
- Randstad Holding confirmed it is leading a seed financing in Focus Orange Technology. The investment is centered around the development of Crunchr, Focus Orange’s analytics platform. Crunchr collects, validates and consolidates people data into meaningful insights around strategic workforce planning, succession, talent management and employee preferences;
- Talentsoft, a global, privately held leader for cloud-based talent management solutions, completed a funding round of $27 million. The round was led exclusively by Goldman Sachs’ merchant banking division. The new funding is being used to support Talentsoft’s strategic international growth.
Contributed by Dale M. Zupsansky, Managing Editor, Hunt Scanlon Media