15Five, an employee development software that promises “continuous” staff performance management, announced it raised new funding.
It closed on $30.7 million in Series B funding led by Siemens owned venture capital firm Next47, along with PointNine Capital, LAUNCH FUnd, Bling Capital, Chaifetz Group, Matrix Partners and Origin Ventures. 15Five has now raised $42.6 million in funding since its inception.
15Five plans to use its latest funding to continue its growth, expand its sales and marketing teams and invest in its staff performance monitoring technology. It plans to expand its workforce to nearly 200 employees.
“With this latest round coming only several months after our Series A, we see this as a firm testament to the demand for continuous performance management in the marketplace, says 15Five co founder and CEO David Hassell in a blog post. “To quote world renowned industry analyst, Josh Bersin, “[performance management] is a highly strategic process in companies and it has gone through a huge transformation. What used to be an annual year-end appraisal has now become a whole plethora of new practices falling into a new category we call ‘continuous’.”
15Five aims to improve the worker experience by continuously monitoring their performance and helping to find ways to improve their overall performance and growth in their respective workplaces.