TPG Growth leads round for company powering the future of real-time performance management, talent and leadership development
SAN FRANCISCO and FORT WORTH, Texas, Feb. 15, 2018 /PRNewswire/ -- Reflektive, the real-time performance management cloud company, today announced it has raised $60 million in Series C funding. The round was led by TPG Growth, the global middle market and growth equity platform of alternative asset firm TPG. Existing investors Andreessen Horowitz and Lightspeed Venture Partners also participated in the round.
Reflektive will use the proceeds to invest in R&D to grow its cloud-based platform of people management solutions. Following a successful 2017, Reflektive plans to double its engineering team and expand go-to-market strategies worldwide across customer segments and industry verticals, with a relentless focus on customer success.
"We believe HR leaders should focus less on managing processes and more on strategic initiatives that affect the bottom line," said Rajeev Behera, CEO, Reflektive. "Our goal is to help companies scale best-in-class people management practices to all their leaders in order to maximize employee productivity and retention."
Reflektive offers a suite of core performance management applications for managers and employees to easily provide real-time feedback, set and manage goals, and conduct regular check-ins to improve engagement, skills development, and strategic alignment. Reflektive integrates with frequently used tools such as Slack, Gmail, and Outlook, enabling people to seamlessly incorporate feedback and goal alignment into their day-to-day workflows.
"In today's increasingly dynamic workplace, companies across sectors and around the globe are fundamentally rethinking the way they engage, develop, and retain talent," said Brian Dunlap of TPG who will join Reflektive's board of directors. "Unlike many other HR solutions built primarily for administrators, Reflektive offers companies an innovative, employee-centric people management platform that is designed to be engaging, helpful and used daily by employees, managers, and teams across organizations."
TPG Growth, which manages more than $13 billion in assets, previously invested in SuccessFactors, a performance and people management SaaS platform that later sold to SAP. TPG Growth has a history of partnering with emerging leaders across the technology sector, with investments such as Airbnb, Box, Domo, EverFi, HotSchedules, and Spotify.
Supporting Customer Quotes
"We chose Reflektive in 2016 because we recognized an opportunity to leverage a flexible platform to provide solutions that can meet our evolving workforce needs as we continue to grow and scale our organization," said Stephen Owens, vice president of talent acquisition and development at Protective Life, a financial services company founded in 1907. "Given what we've already experienced, we're incredibly excited to see how Reflektive will continue to pioneer the performance management, development, and leadership solutions needed for the world of agile, free-flowing teams."
"We decided in 2016 we'd had enough of our antiquated, annual performance review process," said Tom Quinly, COO of Curtiss-Wright. "The more we researched emerging best practices the more excited we became. We were looking for a platform which was efficient, agile, and most importantly – focused on real-time performance management and coaching. After a successful pilot with Reflektive in 2017, we're now launching a company-wide implementation for more than 4,000 employees worldwide. We are very confident the new process and partnership with Reflektive will drive employee engagement and development."
"We recently launched our 'Doing It Right' employee engagement program, and we heard from our employees that they want more frequent communication and feedback from their managers," said Nicole Colen, vice president of human resources for AAR, a global aviation services company. "As we searched for a user-friendly system to meet our needs, Reflektive stood out because it provides quarterly check-ins along with the recognition wall."
About TPG Growth
TPG Growth is the middle market and growth equity investment platform of TPG, the global private investment firm. With more than $13 billion of assets under management, TPG Growth targets investments in a broad range of industries and geographies. TPG Growth has the deep sector knowledge, operational resources, and global experience to drive value creation, and help companies reach their full potential. The firm is backed by the resources of TPG, which has more than $73 billion of assets under management. For more information, visit www.tpg.com.
Reflektive is a leader in providing innovative, real-time performance management solutions for HR leaders and their agile organizations. Founded in 2014, Reflektive securely delivers Real-Time Feedback and Requests, Goal Management, Performance Reviews, and Check-Ins applications in the cloud for more than 400 clients worldwide including AAR, Blue Origin, Comcast, Dollar Shave Club, Healthgrades, Instacart, Wavemaker Global, and Protective Life. Based in San Francisco, Reflektive secured funding from Andreessen Horowitz, Lightspeed Venture Partners, and TPG Growth and was recognized in Gartner's 2017 Cool Vendors in Human Capital Management report. Reflektive's mission is to reinvent people management processes to empower employees to thrive at work. For more information, visit www.reflektive.com.
Nicole Paleologus, SSPR