The bridge between a business strategy and successful execution is something that all businesses are focussed on. Yet 60% stumble on this path (according to Gartner) because of gaps in their ability to execute. To support businesses on their journey, Profit.co which is laser focussed on Objectives and Key Results (OKRs) metrics is announcing a $11M funding round to grow their team and product around the world. The funding round was led by Elevation Capital.
Founded by Bastin Gerald in 2018, Profit.co is a platform that enables OKR planning, review, and execution because it’s people that drive strategies to ensure businesses steer a stable course on their successful execution. OKRs is a goal setting framework pioneered by Intel and used by organizations to define, measure, and track outcomes. Profit.co’s OKRs help teams bridge the gap between strategy and execution.
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.
Bastin Gerald is an industry veteran with a wide spanning experience of working in startups to enterprise businesses like Oracle. Bastin Gerald, Founder and CEO of Profit.co 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 organizations.”
”The biggest concern for businesses that use suboptimal solutions to navigate the growth journey is that they don’t have an eyeline into the levers of their success, the people working on projects. OKR use is widespread and we are helping business owners capture the true essence of what is working and what needs supercharging. Our insights are not just dynamic but showcase how they trend over time and in real time”.
Akarsh Shrivastava, Principal, Elevation Capital said, “OKR as a philosophy has been appreciated across the globe and has seen strong tailwinds. The challenge though always has been with execution, with a lot of programs failing because they are not implemented well or for the want of a good product. Bastin and team with their deep experience in the space, have created an offering to bridge this gap. Profit’s deep product, coupled with the implementation muscle have forged several stories of strong impact on their customers across US, India and EMEA. What further excited us was the type of Customer NPS, scale and growth they have been able to achieve with very limited capital. We are super excited to partner with Bastin and the team.”
Profit.co provides the functionality that traditional, ad hoc solutions lack for a business to execute its strategy. It does so by not just focusing on OKR creation, but also on tracking their success and by providing real time visibility to leaders to reorient and redirect their teams as needed. 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.
The company has seen strong traction in recent times, having 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 organizations. Their 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.
