Lightspeed Venture Partners leads round as company posts record growth fueled by real-time feedback and continuous performance management
Reflektive, the real-time performance feedback platform, today announced it has raised $25 million in Series B inside funding led by Lightspeed Venture Partners. Reflektive will use the funds to expedite innovation in its consumer-style performance management and talent development suite designed for the modern workplace.
The new cash infusion comes on the heels of record year-over-year growth with numerous notable new customers growing from 70 to over 250 customers, including Nutanix, MEC, Protective Life, Evolent Health, Twilio, and Jawbone. This round brings Reflektive’s total funding to $42M.
Launched in 2014, Reflektive helps companies evolve draconian and demotivating performance management processes into a modern process, driven by real-time feedback and progress-based check-in conversations. The product’s growth is driven by demand for its user-friendly, consumer-grade tools to fuel employee adoption and usage, weaving real-time performance feedback into the fabric of everyday work.
“Talent development and management is one of the most important functions for a company’s leadership, and one that’s also changing with the dynamic times we live in. In the age of LinkedIn and Glassdoor, business leaders can’t afford to have disengaged employees or to impose HR processes that are not genuinely focused on talent development,” said Nakul Mandan, Partner, Lightspeed Venture Partners. “Reflektive’s elegant solution helps managers and employees engage in real-time feedback, collaborate in professional development and stay connected with the company’s mission. The company’s fast growth and marquee customer list demonstrate how well the solution resonates with business leaders.”
In conjunction with the funding announcement, Reflektive also debuted its patent-pending Real-Time Feedback integration for Gmail, Outlook and Slack, making it easy for employees to share feedback in real-time within their daily workflow. The plug-in enables users to immediately share both positive and constructive feedback or save it for sharing at the appropriate time. All data is seamlessly ported into Reflektive’s Check-In and lightweight Performance Review products, combating recent bias and aligning all performance management tools toward helping employees achieve their business and career development goals.
“Companies from GE to Accenture, once the biggest champions of annual performance reviews, have announced that they are replacing these archaic processes entirely with continuous performance solutions this year,” said Rajeev Behera, CEO, Reflektive. “This is strong evidence of the growing demand for a technology suite that makes it easy to evolve from an outdated performance management process to a modern, agile system that supports today’s business needs.”
Designed from the ground up to become a much-loved, organic part of an employee’s daily workflow, Reflektive is easy to use and eliminates millions of dollars wasted each year on the administrative overhead required of traditional performance management. The complete suite offers:
- Patent-pending Real-Time Feedback email plugins for Gmail, Outlook and Slack for seamless integration into daily workflows, delivering usage rates similar to widely adopted consumer applications.
- Core Performance Management solutions including Real-Time Feedback (RTF), Check-Ins, Performance Reviews with RTF, Peer Recognition, Goal Management, 1×1 Agendas and Performance Analytics.
- Complete integration within the typical HR stack that enables real-time flow of feedback, recognition and goal-based progress data into internal and external HR solutions.
In just two years since its seed funding by SuccessFactors’ founder Lars Dalgaard, Partner at Andreessen Horowitz, in 2014, Reflektive has grown from just 15 to nearly 100 employees, and $3.6M to $42M in funding. To learn more about what makes Reflektive the real-time performance management solution of choice for hundreds of leading-edge companies, visit www.reflektive.com.