WorkBoard sells OKR-focused planning software that helps companies plan, track and operationalize objectives; it also offers coaching, certification and other human-powered services that account for roughly 10% of revenue. The services team feeds product improvements directly, enabling rapid iteration between customer needs and the product roadmap. The company has delivered rapid revenue growth in recent years (350% in 2018, 300% in 2019, ~100% in 2020) and reported a 90% increase from Q1 2020 to Q1 2021, with management expecting to more than double in 2021. WorkBoard has been hiring aggressively (adding 82 people in the first 100 days of the year) and plans to scale headcount from about 250 to 400 this year. Management says it sees an economic inflection point and accelerating planning cadences at customers as tailwinds, and it plans to invest the new capital into product, international expansion (Asia and Europe) and community efforts. WorkBoard builds software and services that help companies set, track and execute on objectives and key results (OKRs). The platform is used to align work across organizations and roll up key results into measurable objectives. CEO Deidre Paknad said the company boosted ARR 3.5x in 2018 and then tripled ARR again in 2019; Crunchbase lists total funding of $66.6M and TechCrunch reports ARR is now likely over $20M and probably closer to $25M. The company reports a hyper-efficient enterprise sales cycle (under 60 days), average deal sizes of several hundred thousand dollars (which have more than doubled since early 2019), and sales & marketing efficiency of about $2 in new ARR for every $1 spent. Paknad also said market education around OKRs has declined and broader recognition is driving adoption, reducing go-to-market friction. Despite not yet having spent its prior $23M, WorkBoard raised new capital to pursue what it calls an opportunity to establish definitive enterprise leadership. WorkBoard is a pioneer of Enterprise Strategy and Results Management and offers the only OKR offering for large enterprises. Its platform enables organizations to align on outcomes, measure progress, and drive strategic priorities across the organization. Customers cited include Microsoft, Reliance Industries, Cisco, Malwarebytes, Go1 and Influitive. In 2018 the company reported more than 3x revenue growth and launched an OKR Coach Certification program. WorkBoard plans to deepen investment in its platform and technology and to grow its sales and services organizations to meet increasing enterprise demand. The company is headquartered in Redwood City, Calif. Workboard provides Active Strategy Management software that enables leaders and teams to iterate, measure and achieve strategic priorities faster. The SaaS platform helps organizations iterate on strategic priorities quarterly with a data-driven, inclusive process and maps strategies to teams while tying in operational data. It measures progress transparently and automatically, augments strategy and execution with machine learning insights on risks and execution patterns, and replaces onerous reporting with continuous visibility. The company counts hundreds of customers, including IBM, Samsung, 8X8, Catalina, Disys and Terarecon. Led by CEO and co-founder Deidre Paknad, Workboard plans to use new capital to accelerate sales and marketing of its Active Strategy Management offering. The company has raised $12.1M in total funding to date. Workboard provides execution intelligence applications for enterprise managers and publishes the Leadership Refresher weekly email for managers. Its initial app for goal and status reporting is currently in private beta. The company was founded in 2013 by Deidre and Daryoush Paknad and is based in Redwood City, CA. Workboard will use the $2.75M Series A capital to accelerate product development and grow its customer base. In conjunction with the financing the company added board members and advisors, including Chris Hollenbeck, Carl Showalter and Rusty Rueff, and advisor Christina Wodtke. The core product focus is execution intelligence for managers at enterprise customers.

Total raised

$140M

Funding rounds

5

Latest round

Series D

Latest activity

May 2021