Lattice, the people management platform, announced $15 million in Series B funding. The round was led by Shasta Ventures with participation from existing investors, including Thrive Capital, Khosla Ventures, and Y Combinator.
The consumerization of enterprise software is a well-known trend; employees expect the software they use at work to feel good and work well. Lattice has been at the forefront of this trend in People Management, replacing inflexible once-a-year performance review and survey software with a more modern platform and approach.
Lattice enables People Leaders to develop engaged, high-performing teams and uncover actionable insights about their workforce. When people are more engaged, they perform at a higher level, and when people succeed, they become more invested in their work. Lattice powers the virtuous cycle that turns employees into high-performers, managers into leaders, and companies into the best places to work.
Katelin Holloway, VP of People & Culture at Reddit, says Lattice is leading this change, “Lattice supports each of us to focus on doing our best work and not be burdened with clunky systems that subscribe to outdated notions of performance management. The need for software that can do what Lattice does has already made itself apparent; companies everywhere are searching for something flexible, smart, and intuitively designed to enable the right conversations and drive performance within organizations.”
Lattice equips managers and their teams with the tools they need to consistently grow, achieve, and stay engaged like transparent Goals and OKR tracking, 1-on-1s, Reviews, and Real-Time Feedback. “Not only has the software supported our performance management frameworks,” says Holloway, “It’s proven itself to be a critical component to how managers and teams work together, and I am grateful for a tool that empowers our People team to be more strategic.”
Holloway and Reddit are not alone. Lattice works with People teams at 1,200+ companies including Slack, Glossier, Coinbase and Cruise and has helped turn these companies’ approach to performance management and employee engagement into a competitive edge.
HR Technology News: TecHR Interview with Barry Cooper, President at NICE
Increasing employee adoption of HR software
With this latest round of funding, Lattice plans to invest in product development, continuing to build more solutions that help People Leaders foster strong performance, deeply understand employee engagement, and uncover the connections between the two.
Jack Altman, Lattice’s CEO and co-founder, sees a new world of HR software emerging, “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. 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.”
Altman and Lattice believe the future state of HR technology will be two core solutions: a back-office HRIS system of record and a people management system of engagement that employees interact with frequently. User reviews from G2 Crowd show that Lattice is fulfilling its objective to build engaging HR software that employees love to use.
HR Technology News: TecHR Interview with Andres Blank, Co-Founder & CEO at Fetcher
Building a winning culture starts with Lattice
Lattice has become the industry standard for companies who prioritize building high-performing and engaged teams. Doug Pepper, who led the round from Shasta Ventures and joined Lattice’s board, highlights how the market has changed: “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.”
Lattice itself strives to model the balance between strong growth and a healthy organization. In the past year, the company became cash-flow positive, doubled its headcount, and added over 700 new customers. Beyond the business results, Jack sees the company’s mission as deeply human, “We spend so much of our time at work, and we give so much of our mental and emotional energy there. The more Lattice can make work a fulfilling experience, the more impact we can have on human happiness.”
HR Technology News: HR Payroll Systems Announces Launch of Redesigned Website