Reflektive, a Silicon Valley provider of real-time, cloud-based performance management solutions, has announced the close of a $60 million Series C funding round.
TPG Growth led the round, joined by existing investors Andreessen Horowitz and Lightspeed Venture Partners.
The software company was launched in 2014 by three co-founders including Rajeev Behera, who came up with the idea for the company out of frustration with his experience managing a team of 85 developers at entertainment giant Walt Disney Co.
Reflektive’s platform, which offers real-time feedback and performance reviews, is intended to encourage customers to use more regular feedback to incentive consistent improvement among their employees. The firm’s goal is to help companies scale best-in-class people management practices to all their leaders in order to maximize employee productivity and retention, freeing up more time to focus on strategic initiatives that affect the bottom line. The suite of core performance management applications integrates with tools such as Slack, Gmail and Outlook.
While the company has not disclosed its valuation after the latest funding, Reflektive was pegged at $135 million in January 2017 after raising $25 in a Series B round led by Lightspeed Venture Partners. The latest round brings its total funding to about $101.6 million.
Growth equity specialist TPG Growth is the global middle market and growth equity platform of alternative asset firm TPG. TPG Growth manages over $13 billion in assets, and has backed market leaders such as Airbnb, Box and Spotify.
“The first two years were building out real-time performance management suite, and there isn’t anyone close to us,” said Behera. “Now the focus in on building out the rest of the platform, and that means more R&D teams.”
The SaaS company says it will use the proceeds 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.”
About half of Reflektive’s more than 300 customers are mid-market companies, primarily early adopters in tech, while the other half are enterprise customers in areas such as insurance. Its clients include AAR, Comcast, Conde Nast, Instacart, Nutanix, Pinterest, TED, University of California and Protective Life.