NEW YORK, Aug. 26, 2020 /PRNewswire/ -- ChartHop, the world's first organizational management platform built to help companies plan for the future, announced today it raised $14 million in a Series A financing led by Andreessen Horowitz (a16z). The new round was made possible with the support of new and existing investors including more than 40 C-level executives as well as Abstract Ventures, Basement Fund, CoFound Partners, Company Ventures, Cowboy Ventures, the a16z Cultural Leadership Fund, Flybridge Capital, Ride Ventures, the Todd and Rahul Angel Fund, Tokyo Black, SemperVirens, Shrug Capital and Work Life Ventures. This new funding comes on the heels of its recent seed round announced in February 2020 as ChartHop's fast growth since launch continues to accelerate. ChartHop will use the latest funding to expand its platform built to eradicate manual HR tasks and empower leaders to make data-driven decisions.
The strategic people side of business has been technology-deficient for decades, and business leaders are tired of the manual, tedious and low-tech processes that come with organizational management. That's why more than 40 founders and C-level executives have personally invested in ChartHop. They've experienced the pains of spreadsheet-reliant people management such as manual headcount and compensation planning, and know how hard it is to make informed and strategic decisions without access to the right data.
ChartHop solves this problem by centralizing and visualizing the people data leaders need to effectively manage their organization, such as location, gender, salary, stock grants, job history and more, through seamless integrations with existing people systems. At the same time, ChartHop gives every employee visibility into how they fit into the organization's goals making cross-functional collaboration easier than ever before, and provides leaders with a platform to collaborate and iterate on plans for their future.
"Technology has optimized every aspect of a business except one: its people," said Ian White, founder, CEO and CTO of ChartHop. "Leaders have accepted this as the status quo, but now businesses are under more scrutiny than ever before. From supporting remote teams amidst economic crisis to championing equality following nationwide protests, all eyes are turning to HR, yet many lack the tools they need to be effective. ChartHop is the strategic advantage people leaders need to thrive during these unprecedented circumstances, and prepare their businesses for a future where infamously manual tasks are over and data is at the center of every decision."
"ChartHop ties together an organization's broken systems of record and historical data in a visual way that not only benefits HR, but everyone at the company," said David Ulevitch, general partner at a16z. "We made an initial seed investment in ChartHop knowing it was a much-needed solution in a $148 billion market, but the ensuing events in 2020 have made ChartHop even more essential. As organizations adjust business plans and maintain an engaged workforce while remote, we are confident ChartHop will become, and remain, a necessity for any business leader trying to scale."
In addition to the latest financing, the company also announced its new Diversity, Equity and Inclusion (DE&I) offering, which enables organizations to build diverse teams and make equitable organizational decisions. While organizations may track some employee data today, most don't have structures in place to keep that information updated in order to make and track meaningful changes.
With ChartHop's DE&I offering, companies can build a strong foundation rooted in equality by visualizing team composition, compensation, new hires, performance reviews, and more, across any dimension, such as gender, race/ethnicity, veteran status and sexual orientation. ChartHop is excited to offer this as part of ChartHop Build, its base package, in conjunction with their best-in-class org chart as it believes access to DE&I data is a foundational need to build a great business. Having the tools to track diversity numbers from day one allows organizations to make intentional decisions surrounding diversity efforts.
Companies like BetterCloud, Better.com, Lightspeed, MongoDB, Starburst, Thrasio and InVision rely on ChartHop to better manage their organizations. At InVision, the company believes in putting its employees at the forefront of every decision it makes, and ChartHop has been its solution in providing visibility to its 800+ employees around its growing global workforce.
"InVision is a distributed workforce across more than 40 countries around the world, so it's always been critical for us to make intentional decisions regarding our organizational structure and employee experience," said Clark Valberg, CEO and co-founder of InVision. "ChartHop was the perfect solution that supported our executives and employees in a way that was frictionless and data-driven, solving inefficiencies that we'd been facing for years. I immediately knew this was a technology that every CEO needed, so I'm excited to be an investor in its Series A round."
ChartHop is the world's first organizational management platform empowering leaders and team members alike to see the past and present of their organization and design its future. The platform automatically builds fluid, data-driven views of a company through real-time updated org charts, custom reporting, and headcount planning tools that boost efficiency and transparency across teams. Simply put — ChartHop makes organizations run and scale better. ChartHop plays well with 20 plus platforms, including BambooHR, Carta, Greenhouse, Lever, SAP SuccessFactors, Slack, Okta, Ultimate Software and Workday, and companies like BetterCloud, Better.com, Lightspeed, MongoDB, Starburst, Thrasio and InVision rely on the platform. ChartHop was founded in 2018 by Ian White. Hop on over to ChartHop.com to learn more and follow our tracks via Twitter and LinkedIn.