Profit.co, an enterprise-class OKR platform, has raised $11 million in its first institutional funding round led by Elevation Capital.
As per the firm, the raised funds will be used to scale up the sales and customer success teams in North America, EMEA, and APAC.
Profit.co | OKR Software
Founded by Bastin Gerald in 2018, Profit.co is an OKR (Objectives & Key Results) software integrated with task, performance management, and employee engagement directed toward 360-degree organization governance for accelerated growth.
The platform enables OKR planning, review, and execution and helps teams bridge the gap between strategy and execution.
As per Bastin Gerald, Founder and CEO of Profit.co, business leaders struggle to see and action cross-functional dependencies between key results, making them more reactive and restricting the success rate of the company’s priority initiatives.
He stated that Profit.co seamlessly integrates individual employee success with business strategy to ensure that OKR setting is a reliable and value-additive exercise for organizations.
Profit.co claims to have grown 9X+ in ARR over the past two years. Presently, the OKR platform has thousands of customers across 25 countries, spanning sectors such as manufacturing, consumer, retail, services, financial services, telecom, not-for-profits, technology, and government organizations.
Akarsh Shrivastava, Principal, Elevation Capital, said Profit’s deep product, coupled with the implementation muscle, has forged several stories of strong impact on their customers across India, the United States, and EMEA.
“What further excited us was the type of customer NPS, scale, and growth they have been able to achieve with very limited capital. We are super excited to partner with Bastin and the team.”
OKRs (Objectives & Key Results) is a goal-setting framework pioneered by Intel and used by organizations to define, measure, and track outcomes. It ensures on-time delivery and a powerful performance management system that enables timely reviews saving thousands of hours in the employee review process.
As per data from Tracxn, the enterprise applications segment emerged as one of the top-funded sectors, along with consumer startups and fintech, in 2022. Last year, the segment, which includes startups in enterprise software, SaaS and HR tech platforms, raised $7.2 billion across 644 deals.
In January 2023, Heuristix Digital Technologies Pvt Ltd, which operates enterprise skill development startup Disprz, raised undisclosed capital as part of its bridge funding round. Also, PrivaSapien Technologies Pvt Ltd (formerly TruthShare), an enterprise solutions provider, raised seed funding of $1 million (around Rs 8 crore) for research and product development as well as to expand its geographical footprint.
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