Enterprise-class OKR platform Profit.co raises $11M led by Elevation Capital

Profit.co, an Objectives and Key Results (OKRs) metrics company, has raised a $11 million funding led by Elevation Capital.

The company will use the funding to scale up the sales and customer success teams in North America, EMEA, and APAC.

Founded in 2018 by Bastin Gerald, Profit.co is a platform that enables OKR planning, review, and execution.

OKRs is a goal setting framework pioneered by Intel and used by organisations to define, measure, and track outcomes. Profit.co’s OKRs help teams bridge the gap between strategy and execution. 

Profit.co provides an enterprise-class SaaS application for companies to define, manage and execute their goals. Companies and teams can define their goals as OKRs and manage their collaborative execution through the full life cycle of OKRs.

Quarterly goals (OKRs) can be broken down to daily “Tasks” and managed through our “Task management” application. Profit.co also provides “Employee Development” and “Employee Engagement” modules to facilitate the people processes in achievement of goals. 

Today, companies manage their strategy delivery and execution on spreadsheets, presentation slides or at stretch by way of a project management software but these means remain disconnected with what’s happening in the engine of the business. As a business grows this approach lacks the flexibility and integration with their wider enterprise stack like Slack, Jira, Salesforce, Hubspot, Oracle and true alignment mechanisms that streamline strategic execution.

CEO Gerald said: “Business leaders struggle to see and action cross-functional dependencies between key results, thus making leaders more reactive and restricting the success rate of the company’s priority initiatives. Profit.co seamlessly integrates individual employee success with business strategy to ensure that OKR setting is a reliable and value additive exercise for organisations.”

Profit.co claims to have grown 9X+ in ARR over the past 2 years. It currently has thousands of customers across 25 countries, spanning sectors such as financial services, telecom, manufacturing, consumer, retail, services, not-for-profits, technology and government organisations.

Its clients include 70 Fortune 500 companies and feature marquee names such as Deckers Brands, Sandvik, Deriv, Open Government (Singapore)  and Phoenix Rescue Mission among others.