People analytics start-up Culture Amp has raised $US6.3 million ($AU8 million) in Series A funding from US, UK and Australian investors as it seeks to become the McKinsey of the digital age.
The funding was led by Blackbird Ventures, Felicis Ventures and Index Ventures. Felicis MD Wesley Chan, founder of Google Analytics, will join the Culture Amp board.
Blackbird co-MD Bill Bartee says Culture Amp has “cracked the code” in understanding company culture and what’s happening.
“They are an Australian company with a global focus, that have managed to win over some of the Valley’s top culture-focussed companies,” he said.
The Melbourne-based company, which also has a San Francisco office, will use the funds to expand its analytics platform, which offers real-time data and insights into company culture via its workforce through customised digital surveys. It already counts Airbnb, Uber, Pandora, Adobe, Pinterest and Warby Parker among its clients.
One the key measures Culture Amp looks at is employee engagement, an umbrella term for how much people enjoy working for a company and an increasingly important performance metric for senior management in companies of all sizes, from startups to blue-chip industrials.
Across the board, the company says the benchmark for employee motivation to go “above and beyond” is 69%. But among the top 5% of companies performing highest in all key drivers and engagement indicators, it rises to more 90%.
Culture Amp CEO Didier Elzinga, who co-founded the company in 2011, said that as well as using the funds to accelerate tech development, it will also go to expand marketing and sales efforts.
“Culture Amp’s platform has grown to date through word-of-mouth,” he said.
The company also plans to release a number of reports this year, which will investigate links between employee data and other business metrics, as well as reports on gender, tenure, innovation drivers and age diversity across industries.
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