Lattice, the people management platform used by companies including Slack, Reddit and Asana, has raised $45m in Series D funding to ramp up product development and growth.
On Tuesday (14 July), people management platform Lattice announced that it has raised $45m in Series D funding. The latest round of funding values the start-up at $400m.
The round was led by Tiger Global with participation from Frontline Ventures, Founders Fund, Khosla Ventures, ThriveCapital Partners, Fuel Capital and Y Combinator.
Founded in 2015 by Eric Koslow and Jack Altman, Lattice combines continuous performance management and employee engagement into a single solution targeted at human resources (HR) and people-focused teams to gather actionable insights for management.
The company’s technology is used by companies such as Slack, Reddit and Asana. Over the years, the firm has built a suite of management products and engagement solutions with the goal of helping managers and employees seamlessly connect on feedback, building relationships and the celebration of company events.
In a statement, the company said that it is using the latest round of investment to further develop existing and future products and to ramp up engineering and product growth. Lattice said that it has seen increased demand from mid-market and enterprise clients, which the start-up aims to capitalise upon.
To do this, the firm said that it is focusing on product development and features that can better serve these customers’ unique needs. Lattice also plans to expand its offerings to better serve its clients, while continuing to scale its team to meet its product goals.
Altman, co-founder and CEO of the start-up, said: “2020 has been a year that’s proven how important it is to invest in your culture. We’re building Lattice to be a holistic people management platform that helps keep your employees engaged, growing and highly effective.
“Company culture is forged during difficult times and we’ve seen an increase in companies turning to solutions to sustain and increase the employee experience in our new remote world.”
In October 2019, Lattice closed its $25m Series C round and at the time had 1,400 customers. In the months since then, the firm has grown its customer base to 1,900, according to TechCrunch. Altman told the publication that the firm’s employee count, which has hit 200, has grown in line with its number of customers.
The Lattice CEO said that the increased demand for the employee engagement platform comes as many organisations have lost the traditional structures they relied on to keep employees engaged.
Altman said that business slowed down in March and April of this year, as the shift to remote working began, but said that things have “picked up” for Lattice again, as companies realised the importance of keeping their remote teams in the loop.