Profit.co, a software provider that allows clients to set, track and measure objectives and key results (OKR) for their employees, announced it has raised $11 million in its first external round of funding after about four years of bootstrapping, according to ETtech report.
The funding round, closed in August 2022, was led by Elevation Capital that invested $9 million in equity, founder and chief executive Bastin Gerald told ET. The remaining was debt from multiple banks based in the US.
The fresh capital will be used to scale up the sales and customer success teams at the company, as per a statement.
Founded by Gerald in 2018, Profit.co’s platform enables OKR planning, review and execution in its clientele’s businesses.
Gerald, a Wharton School alumnus, had previously founded another business software maker, Apptivo, and held multiple leadership roles at technology companies such as CashEdge (now owned by Fiserv) and Oracle.
The US-based startup, with 220 employees in total, generates 40% of its revenue from the US. It sources another 40% from India and the Europe, Middle East and Africa (EMEA) region. The remaining 20% is generated off the rest of Asia Pacific, Gerald told ET.
“Profit’s deep product, coupled with the implementation muscle, has forged several stories of strong impact on their customers across the US, India and EMEA,” Akarsh Shrivastava, principal, Elevation Capital, said in a statement.
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