SaaS-based people management platform startup Lattice reaches unicorn status after raising $60 million in Series E funding
We covered Lattice back in the fall of 2019 after the San Francisco-based SaaS startup closed $25 million in Series C funding to accelerate its growth and invest in product development. Since then, Lattice, which helps companies improve performance reviews for their employees, has grown exponentially and has been “firing on all cylinders,” as Jack Altman, Lattice’s CEO and co-founder remarked.
As a sign of investors’ confidence in the company’s direction and to also meet the increasing demand for its services, Lattice announced today it has raised a $60 million round at a new valuation of $1 billion. The round was led by Tiger Global, the same VC firm that led the Series C funding round back in 2019. Tiger Global was joined by existing investors Thrive Capital, Shasta Ventures, Founders Fund, Frontline Ventures, Fuel Capital, Khosla Ventures, and several new angel investors. The new investment brings Lattice’s total funding to $158 million.
Founded in 2013 by Eric Koslow and Jack Altman, the San Francisco, CA-based Lattice develops an online platform for setting and aligning the company’s goals. It offers Lattice that allows users to work with their team to align their goals in a user interface; enables users to clarify and reinforce their company’s top goals to the whole team; allows users to check-in on their goals and keep their team/company up to date; enables users to focus on their priorities, and allows users to track the performance of their company.
Since its founding eight years ago, Lattice has grown its team to over 225 employees and serves more than 2,500 businesses including Slack, Asana, and Samsara. Over the course of 2020, the company has doubled in size due to the increased focus of people-centric thinking in businesses.
Jack Altman, Lattice’s CEO and co-founder stated that Lattice decided to take on additional capital to continue the company’s rapid growth, advance its product offerings, and explore international opportunities despite the company being profitable and investments from previous rounds still being available.
“Lattice is firing on all cylinders,” said Altman. “We’re growing the team, launching new products, and expanding into new geographies. This capital gives us the opportunity to pursue our goals much more ambitiously and to provide better solutions for our customers as they evolve their people strategy to meet today’s needs.”
People strategy is no longer only a concern of Human Resource departments – attracting, developing, and retaining top talent needs to be a company-wide effort in order to better accomplish company goals. With more companies switching to hybrid and remote work models, building strong company culture is becoming increasingly complex.
“Lattice has built a best-in-class solution to manage multiple aspects of employee management and growth,” said John Curtius, partner at Tiger Global, who led the investment round. “Both growing and established companies have dramatically changed their working practices in recent years, and Lattice has grown impressively as a result. We’re excited to continue supporting them as they continue to grow.”