BetterWorks Systems Inc. has achieved profound success since its launch in 2013. The human resources management software company is best known for producing software to support a Continuous Performance Management process. Recently, the company announced that it had successfully obtained $27 million in additional investment capital from an extended Series B funding round. This capital was provided by several seed investors and existing investors including Kleiner Perkins and Emergence Capital. Altogether, the software company’s total funding exceeds $65 million.
The additional investment funds will be used to maintain the current rate of innovations and product developments to meet its customers’ diverse and changing needs. BetterWorks invested heavily in product innovation for its popular cloud-based application within the last year, and the investment was worthwhile. For the last two years, the company has experienced a 100 percent growth rate in key activities accessibility. This includes performance conversations, feedback, and goal creation. These innovations fed into improved performance, talent retention, and agility by customers.
BetterWorks Systems Inc. is headquartered in Redwood City and maintains a secondary office in New York City. The company’s solution includes additional features that also provide exceptional benefits to its customers. These include analytics that provide instantaneous visibility into a company’s performance management process and Goal Science, which enables organizations to easily set, manage and monitor progress towards and ensure alignment around goals. The primary competitors of BetterWorks are companies that produce performance management programs to assist users with HR annual reviews. The BetterWorks program stands out from the competition because of its improved dashboard design, the ability of employees to publicly recognize each other’s achievements with nudges or cheers within the platform, transparent and visible progression toward goals, and more. The company’s management anticipates continual enhancement of the application to maintain the product’s competitive edge and superiority in the marketplace.