Enterprise-class OKR platform Profit.co has raised $11 million in its first institutional funding round led by Elevation Capital.
Founded in 2018 by Bastin Gerald, Profit.co is a platform that enables OKR planning, review, and execution. OKRs is a goal-setting framework pioneered by Intel and used by organizations to define, measure, and track outcomes. Profit.co’s OKRs help teams bridge the gap between strategy and execution.
The startup plans to use the raised capital to scale up the sales and customer success teams in North America, EMEA, and APAC.
Bastin Gerald, founder and CEO of Profit.co said “Business leaders struggle to see and action cross-functional dependencies between key results, thus making leaders more reactive and restricting the success rate of the company’s priority initiatives. Profit.co seamlessly integrates individual employee success with business strategy to ensure that OKR setting is a reliable and value additive exercise for organizations.”
”The biggest concern for businesses that use suboptimal solutions to navigate the growth journey is that they don’t have an eyeline into the levers of their success, the people working on projects. OKR use is widespread and we are helping business owners capture the true essence of what is working and what needs supercharging. Our insights are not just dynamic but showcase how they trend over time and in real time”.
Commenting on the investment, Akarsh Shrivastava, Principal, Elevation Capital said “OKR as a philosophy has been appreciated across the globe and has seen strong tailwinds. The challenge though always has been with execution, with a lot of programs failing because they are not implemented well or for the want of a good product. Bastin and team with their deep experience in the space, have created an offering to bridge this gap. Profit’s deep product, coupled with the implementation muscle have forged several stories of strong impact on their customers across US, India and EMEA.”
Profit.co claims to have thousands of customers across 25 countries, spanning sectors such as Financial Services, Telecom, Manufacturing, Consumer, Retail, Services, Not-for-Profits, technology and government organizations.
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