PerformYard Raises $95M in Equity Funding From Updata Partners
PerformYard Raises $95M in Equity Funding From Updata Partners to Propel Growth of its Staff Performance Management Platform
Updated: January 10, 2024
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In a significant milestone, PerformYard has raised a substantial $95 million in funding through a round led by Updata Partners, a renowned tech-focused growth equity fund based in Washington D.C. This injection of capital is earmarked for the strategic expansion of PerformYard's suite of apps and services, along with fostering the growth of its dedicated team, which currently comprises 70 professionals. The brainchild of founders Ben Hastings and Jon Malpass, PerformYard stands as a testament to its commitment to simplifying the intricate performance review process. Since its inception in 2013, the company has predominantly operated as a bootstrapped venture, relying on a $3 million seed funding round. However, the decision to secure a more substantial external investment underlines PerformYard's ambitious plans for expansion and innovation in the realms of retention, staff management, and upskilling. Led by Updata Partners, with their extensive expertise in high-growth B2B software, PerformYard is poised for accelerated growth, armed with a robust combination of capital and operational experience.
Updata Partners, the leading growth equity firm with over $1.5 billion in committed capital, boasts an investment team with an average of more than 25 years of technology experience. Their strategic investment in PerformYard reflects a shared vision for the potential and growth trajectory of the company. Focusing on high-growth B2B software and software-driven enterprises, Updata Partners aims to leverage its expertise to expedite PerformYard's success in an ever-evolving tech landscape. The partnership is expected to propel PerformYard to new heights, fortifying its position as an innovative force in the industry and providing a robust foundation for future endeavors.