29.July.2021 – Australian Human resource SaaS startup Culture amp, announced that it raised USD 100 Million in Series F round. The company reached a valuation of USD 1.5 Billion listing itself as a Unicorn.
This funding round was led by TDM Growth and Sequoia Capital, with the participation of investors like Index Ventures, Sapphire Ventures, Skip Capital, Global Founders Capital, Felicis Ventures, Blackbird Ventures and Grok Ventures. A new investor was also noticed in this financing – Salesforce Ventures.
After this round, the valuation of the company has doubled since its last Series E round in 2019.
Words from the investors –
In a statement about its investment in Culture Amp, TDM Growth Partners co-founder Hamish Corlett said, “Organizations are living in a world of unprecedented change, and the last 12 months have only accelerated this. We have seen first hand the power that Culture Amp’s unrivaled data set and unique insights have inside boardrooms globally, and we expect this only to amplify in the coming years.”
About Culture Amp –
Culture amp was initiated by Didier Elzinga, Douglas English, Jon Williams, and Rod Hamilton, in 2009, having its headquarters in Melbourne, Australia. It was started to let other firms conduct incognito employee survey.Since then it intended to focus on providing aid to the employers to utilize data into action.
Culture Amp is used by 4000+ organisations with a total number of employees of 25 Million. The size of its client varies between 20-30 people or more than 150,000 employees, its customers list includes some prominent names like PwC, Uniliever, SoulCycle, Salesforce, and BigCommerce.
Founder and CEO, Didier Elzinga stated that he sees the company’s Series F as a “validation of the HR space in general.”
“I think for a long time, the HR space and HR tech space have been viewed as not that interesting or important, but what we see now is that people are the most important thing that most companies have, so what can we do to craft their experiences,” he added. “I think it’s a really interesting step for the space as a whole, for an organization like Culture Amp to have made it to this level of revenue, fundraising and valuation.”
“The company still has most of its funds from its Series E, but the new round will allow it to “work at a whole other level of scale,” Elzinga added.
On the progress of Culture Amp Elzinga said – “We think that for all the progress we have made, we’re still at the beginning of actually delivering on that employee experience,” he added. “I think the last two years have shown us how important mental well-being is, how important diversity and inclusion is, and how important it is for leaders to truly listen to their people and then to act on that and follow up.”
“We see ourselves at the point now where we have enough data that we can start to do primary research on a lot of these issues and we’re looking at how can the data we are developing help inform the space in general, not just ‘here’s what our customers are doing,’ but research that shows how this correlates to that in a situation,” said Elzinga. “The people science component is hugely important to us.”
