Funding Will Further Drive Innovation in Remote Team Management
SAN FRANCISCO, March 26, 2020 (GLOBE NEWSWIRE) -- Pathlight, the source of truth for day-to-day team management, launched today after raising $7 million in Series A funding, led by Kleiner Perkins. The startup has raised $10 million to date and this recent round of funding validates Pathlight’s success in building the first platform to power team management for fast-paced, metrics-driven teams. The startup is already supporting worldwide users for enterprise companies and this funding will be used to expand product development, marketing, and sales.
With workers and entire companies moving to remote work in the last month, organizations are scrambling to establish an effective workflow, putting even more pressure on managers. Managers are directly responsible for the professional success and personal happiness of their team and yet, a recent Gallup survey indicates just 30% of management is considered “Great”, with the other 70% falling into “Lousy” or “Are Just There” categories. While software has transformed every function from marketing to sales to customer support, there is no software purpose-built to help managers lead fast-growing, customer-facing teams that are increasingly remote and global.
Pathlight is the first platform to combine real-time performance intelligence with coaching, and communication tools, all in one place. The platform visualizes goals, metrics, and historical trends in an easy-to-use dashboard through seamless integration with sources like Salesforce, Outreach, and Zendesk. Pathlight’s AI-powered algorithms generate daily intelligent health digests, in natural language summary, to describe how a team or an individual is performing so managers know exactly where to focus. Additionally, Pathlight’s built-in coaching and communications tools empower managers to scale their coaching and development, regardless of their team’s location.
"The creativity and performance of people are vital to the success of scaled organizations," said Ilya Fushman, Partner at Kleiner Perkins. "Effective goal setting, performance management, and execution are critical to the success of people and teams. With Pathlight, Alex and Trey have an ambitious vision for building a platform that enables people and companies to achieve their goals through effective management and we're thrilled to partner with them."
In the two years that Pathlight has been in stealth, it has achieved significant milestones, including:
- Over 75% of Pathlight users are in globally distributed teams. In the last few weeks, the startup has successfully helped its customers transition to a 100% remote working environment.
- Six-figure enterprise deals with over 2,000 worldwide users across multiple customer-facing teams including inside sales, customer support, sales development, and customer success.
- Over 80% of Pathlight users are in the application four days a week.
- 97% of managers have reported that they coach more frequently with Pathlight than before.
- 94% of frontline employees agree that using Pathlight gives them more time for high-value activities.
* Source: Pathlight user survey 2019
“Despite the explosion of SaaS applications for running every facet of an organization, the software industry has essentially ignored managers, who have no single place to manage their team’s performance,” said Alex Kvamme, co-founder, and CEO, Pathlight. “We have dedicated the last two years to developing and bringing to market the Pathlight Team Management Platform to address this huge gap. Our mission is to give every manager and individual the power to manage their own performance. We automate the science so they can focus on the art of management."
Pathlight is the only team management platform that brings data and people together to power team performance. Pathlight empowers large, customer-facing teams to achieve their goals by bringing performance intelligence, coaching, and communications tools together in one place, thereby increasing transparency and creating accountability at all levels. Founded by two serial entrepreneurs, Alex Kvamme and Trey Doig, who sold their previous startup to Yelp, Pathlight’s investors include Kleiner Perkins, Jeremy Stoppelman CEO of Yelp and Dylan Smith co-founder and CFO of Box among others. For more information please visit www.pathlight.com.