REDWOOD CITY, Calif., March 23, 2016 /PRNewswire/ -- BetterWorks, enterprise software for easily managing strategic plans, goals and performance conversations, today announced the closing of a $20 million Series B investment round, led by Emergence Capital. Kleiner Perkins Caufield & Byers, 8VC and all existing shareholders are also participating. BetterWorks will use the funding to further expand its business to meet the pressing need for one, comprehensive business operating system for enterprise organizations.
"At Emergence Capital, we have invested in Salesforce, Yammer, Box, Veeva and SuccessFactors, and while evaluating the human capital management landscape we became convinced that BetterWorks is poised to become one of the next iconic enterprise companies," said Jason Green, Founder and General Partner of Emergence Capital. "We believe the combination of its product vision, cadre of passionate enterprise customers and talented team will enable BetterWorks to break away from the competition in the employee engagement and emerging performance development domains."
The company's growing list of 200+ enterprise customers includes AOL, CVS Health, BMW, Schneider Electric, Airbnb and Shutterstock. AOL deployed BetterWorks to its 6,000 employees around the world to power more frequent company-wide goal setting. "BetterWorks has powered AOL's company-wide transition to agile performance development through frequent goal setting and manager check-ins," said Terri Zandhuis, Chief People Officer of AOL.
"As we evolve from a stagnant annual cadence to an agile goal setting process, we're ultimately creating a more open and transparent work culture for our team," said Bill Pence, CTO of AOL. "We believe BetterWorks is a critical component to the new, modern enterprise software stack, as businesses replace spreadsheets and PowerPoints with a better way of managing and achieving company goals."
Earlier this March, BetterWorks announced two new product modules, becoming the first to combine planning, strategic execution and people development across one comprehensive platform. BetterWorks will use the funding to further develop its operational suite and continue to expand up-market as companies seek agile solutions to power their workforces.
"In a tightened economy, maximizing your team's collective capability is mission critical," said Kris Duggan, CEO of BetterWorks. "Business leaders in today's climate are asked to do more with less and our solution is poised to help companies align, coordinate resources and help their people to execute at the highest level, while enabling employees to find purpose and meaning at work."
To date, BetterWorks users have completed nearly 200,000 goals. For more information about BetterWorks, visit www.BetterWorks.com.
BetterWorks® provides enterprise software to easily manage strategic plans, collaborative goals and ongoing performance conversations. Its Business Operating System is built on Goal Science® insights and operational research to help high-performing companies execute more effectively. The company is headquartered in Redwood City, CA, with an office in New York City, and is backed by Kleiner Perkins Caufield & Byers, Emergence Capital and 8VC. BetterWorks has an experienced team from innovative companies like Amazon, Box, Google, LinkedIn, Palantir, Salesforce and Yammer. To learn more about BetterWorks, visit www.BetterWorks.com
About Emergence Capital
Emergence Capital (@emergencecap), based in San Mateo, Calif., is the leading venture capital firm focused on early and growth-stage enterprise cloud companies. Its mission is to invest in the cloud visionaries who are building the most important business applications. The firm's investments include market leaders such as Salesforce.com (CRM), SuccessFactors (SFSF, acquired by SAP), Veeva Systems (VEEV), Yammer (acquired by Microsoft) and Box (BOX). More information on Emergence Capital can be found at http://www.emcap.com.
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