Australian tech company Culture Amp has officially hit a new valuation of more than US$1.5 billion after a recent US$100 million Series F funding round.
TDM Growth Partners (TDM) and Sequoia Capital China led the latest funding round, with participation from new investor Salesforce Ventures and existing investors Felicis Ventures, Blackbird Ventures, Index Ventures, Sapphire Ventures, Skip Capital, Grok Ventures and Global Founders Capital.
Culture Amp is primarily focused on helping organisations modernise their approach to employee engagement and performance management.
Since 2011, Culture Amp has been investing in the application of behavioural science and data analytics across the employee lifecycle to help organisations humanise the performance management process and invest in the growth and development of their people.
On the use of the latest injection of funds, Culture Amp CEO and co-founder Didier Elzinga says, “With this strategic round of funding, we will empower more organisations and people leaders to unlock the power of humanity at work, as the industry's single most trusted place for all of their employee experience needs.
"The successful companies of today, and tomorrow, are laser focused on delivering a better employee experience to drive business performance.
Key spokespeople from Culture Amp's major investors also commented on the announcement.
TDM Growth Partners (TDM) co-founder Hamish Corlett says, "Organisations 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 unrivalled data set and unique insights can have inside boardrooms globally, and we expect this only to amplify in coming years."
Corlett says, "Culture Amp has enabled over 4,000 organisations to embrace our core belief as investors that people and culture are fundamental to driving long term competitive advantage and success.
"We will look back in the decades to come and see it was these businesses that we're early adopters in understanding this.
Sequoia Capital China partner Steven Ji says, "As the trailblazer in employee experience, Culture Amp is charting a path forward for organisations to succeed in the new world of work with data-driven insight.
"Culture Amp has the purpose, leadership and the ability to truly impact people's lives and we're excited to see what they will achieve in this next stage of growth and beyond."
Salesforce Ventures head of Australia Rob Keith says, “Culture Amp is the clear leader in employee experience, and as a customer for many years we've seen first hand the power of the Culture Amp platform to drive meaningful change in the workplace.
"We seek to invest in the most innovative cloud companies and founders, solving the world's most pressing challenges globally - Culture Amp is at the forefront of driving positive behaviour change at work and we look forward to contributing to the company's continued growth and success."