Performance management platform Lattice closed a Series C round of $25 million, just after wrapping up what the company said was its strongest-ever quarter. It’s the second multi-million round for Lattice, which received $15 million in Series B dollars in April.
The latest round was led by New York hedge fund Tiger Global Management. According the TechCrunch, Lattice is now valued at around $200 million. The company wasn’t actively fundraising but was open to a “sizable capital infusion” from Tiger, which came with favorable terms. Previously, Tiger Global has invested in companies such as Spotify, Glassdoor and Flipkart..@LatticeHQ received $25M in Series C funding for product development and sales initiatives. And they weren't even looking for the money. #HR #HRTech #HRTribe Click To Tweet
Lattice intends to use the new funding to invest in product development. Its platform is designed to help managers increase team performance by providing them with better tools to conduct continuous performance management, as well as real-time analytics and feedback.
The platform incorporates feedback into an employee’s day-to-day activities. Its integration with Slack, for example, “has proven to be extremely effective in driving feedback across an organization,” the Lattice said.
“We’ve seen tremendous traction in connecting performance and engagement software and the value that this connection provides to people leaders in both understanding why employees are not engaged, but also giving them the tools to drive people management across the organization,” said CEO Jack Altman. “Now we’re looking into ways to empower people leaders to really help employees manage their career growth.”
The Lattice Approach to Culture
In March, the company unveiled Lattice Analytics, a tool designed to give HR and managers access to performance, engagement and management data from across the organization. Early this summer, it reintroduced its Goals feature to improve optimization of goal-setting.
Overall, Lattice wants to build tools that will help employers strengthen their culture by making decisions based on both qualitative and quantitative factors. It envisions five use cases: measuring employee engagement, understanding employee performance, tracking adoption and ROI of employee programs, visualizing management practices and building a diverse workforce.
Founded in 2016, Lattice has more than 1,400 customers including the likes of Slack, Reddit and Coinbase. The company said it’s more than doubled its user count since the beginning of the year.
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