SAN FRANCISCO, May 4, 2016 /PRNewswire/ -- Reflektive, the leader in modern performance management, announced today that it has secured $13M 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 $17M.
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 10X year-over-year and today announced that it 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 announced the launch of the Reflektive Talent Development Platform, a continuous performance solution that includes real-time feedback, performance check-ins, goal management and easily configured performance reviews. The Talent Development Platform helps companies transition from clunky, outdated performance management systems to streamlined, integrated and developmentally-based performance programs.
"We have met with thousands of human resources executives who struggle with their outdated performance management processes and systems. 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," said Rajeev Behera, co-founder and CEO of Reflektive. "We are thrilled to launch the Talent Development Platform and welcome Lightspeed Venture Partners to our team."
The move to real-time feedback and continuous performance is a notable evolution of performance management seen in practice today in companies large and small. Not only is the traditional performance management process plagued with inaccuracies and unconscious biases, it can cost millions of dollars in employee and employer time. Industry leaders such as Accenture, Adobe, IBM and Deloitte have announced they are replacing the annual performance review with continuous performance programs.
"Companies that win the war for talent are the ones that win big. Accordingly, it is mission critical for CEOs and HR heads to implement talent management initiatives that are both effective and efficient," said Mandan, partner at Lightspeed Venture Partners. "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. We're thrilled to partner with Rajeev and his team as they redefine how companies think about talent management."
The Reflektive Talent Development Platform Features:
- Real-Time Feedback
- Real-Time feedback integrates with an employee's daily workflows and business applications such as email so they do not need to visit a separate application to engage with Reflektive. Employees can recognize contributions and give developmental feedback to each other at any time. This feedback is visible within Reflektive's Performance Review system, making it easier for managers to see all relevant feedback as they write reviews.
- Performance Reviews
- Reflektive Performance Reviews are highly customizable and can be configured to run standard (180) Performance Reviews or 360 Reviews. Targeted survey questions can be set up in the same review cycle to help businesses extract valuable employee insights.
- Goal Management
- Employees can set up goals and plans through our simple, intuitive interface. The Platform supports multiple goal formats including S.M.A.R.T. goals and Objectives and Key Results (OKR) so that employees can evaluate their outcomes and identify areas for improvement to achieve greater success.
- Performance Check-Ins
- Reflektive designed this tool to provide employees and managers better structure for tracking goal progress and stimulating more frequent development conversations. Check-Ins integrate with our Goal Management system, making it easier to set up and assess employee progress on an ongoing basis.
Reflektive, The Talent Development Platform, is the modern performance management solution for the world's best places to work. With a mission to empower the world's top places to work with real-time feedback, check-ins, goal management and performance reviews, Reflektive is dedicated to building high-impact performance solutions for employee engagement, retention, and success. Reflektive serves over 150 industry-leading clients including Pinterest, Glassdoor, Instacart, Lyft, Quantcast and Mulesoft. Backed by Lightspeed Venture Partners and Andreessen Horowitz, Reflektive is based in San Francisco, California. For more information, visit www.reflektive.com.
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