Ally has raised $11m to date as it expands its platform for managing objectives and key results.
On Monday (19 August), Seattle-based goal setting and execution management software platform Ally announced that it had raised $8m in Series A funding.
The round was led by Accel, an early and growth-stage venture capital firm. There was also participation from Founders’ Co-op, Vulcan Capital and Lee Fixel.
Ally was created as a platform for managing objectives and key results (OKRs), a framework popularised by Google and other industry giants. Its clients include Remitly, Slack and T-Mobile.
The start-up raised $3m in its seed round in January 2019, which means that the company’s total funding to date is around $11m.
Since launching in 2018, Ally’s platform has been adopted by hundreds of companies in more than 70 countries. The OKR solution can be integrated with Slack, Jira, Salesforce, Asana, Smartsheet and other workstream tools.
Investment and growth
Between offices in Seattle and India, Ally has 25 employees. It recently hired Shyft co-founder Chris Pitchford as VP of sales. It also hired former Microsoft and OfferUp vet Ganesh Sridharan as VP of engineering.
Vetri Vellore, founder and CEO of Ally, said: “We’re incredibly passionate about helping businesses accelerate growth through strong alignment, transparency and zen-like focus.
“We’re off to a phenomenal start and are nearly doubling revenue with every quarter. With the support of Accel and our existing investors, we will continue to innovate and enable every business to operate better and deliver stronger results.”
Remitly COO Josh Hug, who uses the OKR tool in the workplace, added: “OKRs deployed using Ally have helped our teams align around the right goals and have ultimately driven growth. Ally is incredibly simple to use and its integrations with popular applications like Slack ensures that new users engage with it immediately.”
Abhinav Chaturvedi, partner at Accel, said that the company is investing in Ally in a bid to support “innovative products that address core business challenges in a growing, global market”.
“We see more and more businesses focusing on increasing productivity by driving alignment, transparency and visibility across the organisation, and Ally helps achieve that,” he added.
In the past, Accel has backed companies such as Dropbox, Etsy, Facebook, Slack, Spotify and Vox Media.