25 Jul 2018 Impraise Lands Series A Investment of $10.6 Million to Fix ‘Broken’ Performance Reviews
NEW YORK–Impraise, The People Enablement Platform, raised $10.6 million in Series A funding. The investment is led by Keen Venture Partners (KEEN) with participation from existing investor, HenQ. Impraise is a web and mobile platform backed by a team of in-house performance management specialists. The company helps organizations reimagine performance and development processes to increase productivity, engagement, and retention.
Asked about the funding, Robert Verwaayen, General Partner at KEEN, said, “Feedback and appraisals have historically been seen as a necessary evil. As more companies start to work in an agile fashion, performance management is recognized as a function that drives real business outcomes. Simultaneously, a younger generation of workers expect continuous feedback and learning in their professional lives. With entrepreneurial fervour, the impressive team at Impraise is building a company that fits right in the heart of these shifts.”
Since its founding in 2014, the Y Combinator alumnus has partnered with 200+ customers worldwide including CERN, DoorDash, and Skyscanner.
Impraise makes performance and development practices meaningful for people, actionable for managers, and painless for HR.
- Individuals are empowered to exchange continuous feedback in an intuitive way, driving ownership of their day-to-day objectives and long-term career aspirations.
- Managers have the insights needed to effectively address their team’s performance and development areas, provide real-time coaching, and celebrate wins.
- With the flexible platform, HR and operational teams experience high adoption rates, providing a real-time view of performance across the organization.
With this investment, Impraise will scale its reach and grow its People Enablement Platform with a focus on putting managers and individuals in the driver’s seat, allowing HR leaders to scale best practices.
“While most executives realize they need to improve performance and development to retain top talent, most have no idea where to start. With a team of in-house experts and industry leading customers, we’ve developed a best-in-class product and methodology to drive impact. Impraise plays a critical role in helping leaders maximize individual and team performance, support company-wide professional development, and increase talent retention,” said Bas Kohnke, CEO and Co-Founder, Impraise.
The average Impraise customer finds 65% of managers and direct reports exchange more meaningful feedback, with 72% reporting the feedback exchanged has directly improved their performance. 1
Eric Hooftman, Vice President Global Sales Leader Coaching at Elsevier, an Information Analytics company, states, “Impraise contributed to an 11% increase in employee engagement.”
When asked about the impact of Impraise, Nathan Tanner, Director of People Operations at DoorDash, says, “Impraise is critical to our performance management and professional development initiatives. Impraise allows us to gather specific feedback and share it throughout the company so we can grow together.”