People management startup Lattice closes $175M investment at $3B valuation

Lattice, a startup with a popular cloud-based people management platform, today noted that he raised $175 million in new funding.

The Series F funding round was backed by Thrive Capital, prominent startup investor Elad Gil, Tiger Global and Dragoneer. More than half a dozen returning backers also contributed, along with a number of angel investors.

San Francisco-based Lattice, incorporated as Degree Inc., said the funding round increased its valuation from $1 billion to $3 billion. The three-fold increase in valuation is all the more remarkable as it took place in less than a year. One of the reasons Lattice is worth $2 billion more than it was at the start of 2020 is its rapid growth: Tech Crunch reported that the startup has added over 1,000 customers since last March and now has over 3,500 organizations in its installed base.

Lattice provides a cloud-based platform that helps businesses manage their workforce. The platform consists of several integrated tools, each focused on simplifying a different set of tasks.

As part of its platform, Lattice provides functionality for implementing the popular OKR approach, for goals and key results, for managing business initiatives. OKRs are a methodology companies use to set business goals and track how effectively they are achieving those goals. Originally launched at Intel Corp., the methodology is now widely used by companies, especially in the technology sector.

Lattice’s platform allows managers to create a centralized dashboard that displays their teams’ business goals. The dashboard also tracks progress towards each goal. For example, if a business unit sets a goal of acquiring 50 new customers in a year, Lattice can pull data from the company’s Salesforce environment to show how many new customers have been onboarded so far. .

Lattice also provides tools that organizations can use to conduct workforce surveys. The startup’s platform allows you to create surveys to assess eNPS, a metric used to measure worker engagement. It’s based on the popular NPS, or Net Promoter Score, which many tech companies rely on to measure customer attitudes toward their products.

Another set of features offered by Lattice allows companies to distribute short surveys called impulse surveys. Businesses use pop-up surveys to perform tasks such as collecting feedback on a specific business initiative.

Lattice’s platform includes many other features that address related use cases such as workforce performance management. Providing a wide range of software features in a single integrated offering helps startups meet the demands of enterprise customers with complex operational requirements. Deploying a single platform is often more convenient for a large enterprise than using multiple specialized tools.

“This new funding is a vote of confidence in Lattice’s belief that the world is ready for a new generation of people management products that put the interests of employees first,” said Lattice co-founder and CEO. , Jack Altman.

Previously, Rippling Employee Management Specialist raised $250 million at a valuation of $6.5 billion in October. Earlier, Tiger Global, one of the investors who participated in Lattice’s recently announced funding round, led a Investment of $80 million in factorial. Factorial, officially Everyday Software SL, offers a cloud-based human resources platform used by more than 76,000 companies worldwide.

Picture: Trellis

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