Working these days is not what it used to be. To enforce social distancing and slow the spread of the COVID-19 health pandemic, many of us have decamped from our offices to our homes, we only connect with colleagues and others virtually, and it’s all too easy to lose sight of our focus and strategy in the midst of it all.
But in the grand tradition of enterprise IT, that creates an opportunity, and today, a startup called Lattice, whose platform helps track, reward and set goal achievement in the workplace, has closed a round of $45 million to help address some of those issues.
The secretive New York-based hedge fund Tiger Global Management has led a $25 million Series C investment in Lattice, an employee performance and engagement management tool, with participation from the startup’s existing investors.
The round, which values Lattice in the ballpark of $200 million, says co-founder and chief executive officer Jack Altman, comes just six months after the business closed a $15 million Series B led by Shasta Ventures. The HR tool, founded in 2015 by Altman and Eric Koslow, is also backed by Thrive Capital, the Slack Fund, Khosla Ventures and Y Combinator.
Jack Altman, whose resume includes a stint as vice president of business development at Teespring, has raised $15 million in Series B funding for his startup, Lattice, a modern approach to corporate goal setting. Shasta Ventures led the round, with participation from Thrive Capital, Khosla Ventures and Y Combinator, the latter being the organization his brother led as president until very recently.
Lattice, used by high-growth companies like Reddit, Slack, Coinbase and Glossier, helps human resources professionals develop insights about their teams. Founded in 2015, Altman and Eric Koslow, like most entrepreneurs, developed the idea for Lattice out of their own pain points.
Jack Altman and Eric Koslow were working on software to track team goals a year ago when the cofounders of startup Lattice realized they were missing out. Corporate America had fallen out of love with performance reviews, but it didn’t like the alternatives, either.
“Employees hated performance reviews, so [companies] said let’s throw them away,” says Altman, Lattice’s CEO. “And they switched to continuous feedback, and it turned out a lot of employees didn’t like that, too.”