With the ‘Great Resignation’ upon us, employee experience, particularly around issues like burnout and mental wellbeing, has never been more important.
Therefore, it is no surprise that HR tech companies offering employee experience solutions are attracting significant investment.
For instance, employee experience platform Culture Amp has just raised $100 million in a Series F round. This investment brings its total value to $1.5 billion, therefore transforming it into a HR tech unicorn.
The Series F was led by TDM Growth Partners and Sequoia Capital China.
New investor Salesforce Ventures and existing investors Felicis Ventures, Blackbird Ventures, Index Ventures, Sapphire Ventures, Skip Capital, Grok Ventures and Global Founders Capital also participated in the round.
Founded in 2011, Culture Amp aims to use behavioral science and data analytics to humanize and modernize performance management. The goal is to, therefore, provide companies with data that shows where they need to invest to grow and develop their greatest resource: their people.
Talking about the announcement, Culture Amp CEO and co-founder Didier Elzinga noted: “With this strategic round of funding, we will empower more organizations and people leaders to unlock the power of humanity at work, as the industry’s single most trusted place for all of their employee experience needs.
“The successful companies of today, and tomorrow, are laser focused on delivering a better employee experience to drive business performance.”
Culture Amp is planning to use the funding to grow its team and number of customers, particularly in EMEA. In that region, it wants to increase its head count from 70 to 100 people, almost double its customer base to 1,500, as well as open up a new HQ in London.
TDM co-founder Hamish Corlett added: “Organizations are living in a world of unprecedented change, and the last 12 months have only accelerated this.
“Culture Amp has enabled over 4,000 organizations to embrace our core belief as investors that people and culture are fundamental to driving long term competitive advantage and success.”
Sequoia Capital China partner Steven Ji continued: “As the trailblazer in employee experience, Culture Amp is charting a path forward for organizations to succeed in the new world of work with data-driven insight.
“Culture Amp has the purpose, leadership and the ability to truly impact people’s lives and we’re excited to see what they will achieve in this next stage of growth and beyond.”