15Five received a “strategic investment” from ServiceNow, adding to the $52 million Series C round the company announced in July. The amount of the investment wasn’t disclosed.
The companies said the funding underscores ServiceNow’s commitment to investing in technology and projects that “reinvent work and drive productivity.”.@ServiceNow Moves into Talent Technology With Investment in 15Five #HR #HRTech Click To Tweet
It was only in July that 15Five closed the Series C round, which was Led by Quad Partners with participation from previous investors Next47, Origin Ventures, Edison Partners, Matrix Partners, Point Nine Capital and New Ground Ventures. The company’s Series B round of $30.7 million closed in 2019.
The new funding, which is ServiceNow Ventures’ first investment in the talent technology space, is meant to accelerate 15Five’s ongoing product development, including both its performance management platform and integrated manager training and coaching tools.
Melanie Lougee, ServiceNow’s head of employee workflows strategy, said the company is committed to “supporting the evolving relationship between manager and employee and finding ways to drive productivity across an enterprise.” She called 15Five “a pioneer in the performance management category.” Apparently, as that category grows, ServiceNow expects learning, development and performance management to become integral to business success.
Not surprisingly, 15Five CEO David Hassell said his company is “thrilled to have the backing of a category leader like ServiceNow to help us deliver … for HR leaders and their organizations.”
The funding comes on the heels of two recent product releases that help employers identify and segment workers who have the potential to impact an organization, then allow HR teams to monitor engagement trends among those employees, quickly react to changes in sentiment and take action to retain them.
15Five also enhanced its performance review calibrations to let HR leaders visualize the distribution of review ratings across different managers and adjust them in real time, without leaving the 15Five platform.