Virginia Venture Partners-backed PerformYard, which has developed powerful performance management and other HR tools, raised an undisclosed amount in new funding, according to a listing on Crunchbase.
J. Hunt Holdings and VVP participated in the latest funding round for the Arlington, Va., startup. PerformYard’s prior investors include Wilmington, Del.-based Chartline and Virginia’s CIT GAP Funds. It has so far raised $95 million from investors.
Consulting Smarts
PerformYard was co-founded by Ben Hastings and Jon Malpass, who worked together at Decision Lens, a maker of budgeting tool for government. The two later briefly worked together at Hastings’ startup, Get Grow, before starting PerformYard. Hastings, who serves as PerformYard’s CEO, has worked for Microstrategy and other consulting firms, with significant experience in federal business development and sales. Malpass heads PerformYard’s operations as senior vice president.
The startup has developed an employee evaluation platform called PerformYard Performance, and PerformYard Engagement, which aggregates data and insights to continuously refine employee performance practices. It also markets PerformYard Sales, a tool it initially developed to help its internal sales teams.
Engagement as Key
Engagement, released last summer, was built on the recommendations received in a set of 55 survey questions, and contains the most pressing issues that drive engagement. PerformYard calls its survey the most focused and actionable one of its kind in the market.
The Performance platform, PerformYard says, presents engagement data in the context of performance, bridging the data gap between performance and engagement, and closing the loop between understanding and improving employee performance.
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“An engaged workforce is a high-performing workforce and the best way to drive engagement is with better performance management,” Hastings said after the release of PerformYard Engagement.
“Bringing PerformYard Engagement to our platform allows our customers to direct the evolution of their performance strategies based on deep insights from their people,” added Hastings.
Virginia Venture Partners is an equity investment program of the Virginia Innovation Partnership Corporation. Formed in 2005, it makes equity investments in Virginia founders’ startups, and takes limited partner positions in venture capital funds in the Commonwealth of Virginia. Currently, VVP runs 11 funds.
