Lattice, a people management platform based in San Francisco, has announced it has raised $15m in Series B funding in a round led by Shasta Ventures and featuring participation from existing investors Thrive Capital, Khosla Ventures and Y Combinator.
The company's platform provides managers with tools such as goals and OKR tracking, 1-on-1s, reviews and real-time feedback and has become cash-flow positive over the past year, doubling its headcount as it added more than 700 new customers.
Focusing on what it terms as "People Management", the platform has been adopted by more than 1,200 companies, as they look to replace once-a-year performance review and survey software with "a more modern platform and approach".
Lattice CEO and co-founder Jack Altman said: "One of the most powerful innovations in HR software has been the unification and simplification of administrative work; tying together payroll, benefits and core HR has been a major time saver for HR teams.
Lattice co-founders Eric Koslow and Jack Altman
"We see that same opportunity on the employee-facing side; a unified system where performance, engagement, onboarding, learning, and more are connected in a seamless and powerful experience. The key result of these products will not just be saved time, but more engaged and productive employees."
The company will invest the funds raised from its latest round of funding in product development. Doug Pepper, who led the round from Shasta Ventures, will join Lattice's board, said: "The core of our investment thesis is that company culture is increasingly becoming a competitive advantage, which is why software like Lattice is necessary. We were thrilled when we saw that they live this themselves and we believe they are well positioned to lead this movement."