ChartHop, a leading innovator in people analytics, managed to secure $35M from its recent Series B financing round.
The latest success is also led by Andreessen Horowitz (a16z), joined by Elad Gil and California-based Cowboy Ventures and Semper Virens, the latter two being previous investors for ChartHop. This recent round of investment arrives less than a year after Andreesen Horowitz also led the Series A funding series last summer 2020, leading to a $14M fund for the people analytics platform.
A Rapid Growth in People Analytics
ChartHop has been having exponential growth since it was first developed back in 2018. It has grown from being a company of only one person to a team of 75 members. In the same time period, the company managed to generate a customer base of more than 130 corporate clients and increased its month-over-month revenue by 17 percent for the last 12 months.
Furthermore, the recent Series B funding marks the third consecutive investment in ChartHop from Andreessen Horowitz, the Silicon Valley venture capital firm supporting tech startups. The same investment firm led the ChartHop seed round in early 2020.
"With HR and people functions so crucial to the growth and success of businesses, it's unfortunate that most HR teams lack the critical people data to drive organizational decision making," says David Ulevitch, a general partner at Andreessen Horowitz. "ChartHop is the solution to this all-too-common problem, and is built by company leaders who have felt this pain personally."
Ulevitch adds that the company's approach to people analytics enables leaders to create organizational planning and strategy decisions confidently. "We're thrilled to lead ChartHop's Series B because of their impressive growth, the company's vision, and the terrific, mission-oriented team they've assembled," the Andreessen Horowitz general partner added.
An Innovative Approach to Help HR Departments
ChartHop uses a novel approach to people analytics, allowing organizations to aggregate and visualize their HR data - generating alignment, clarity, and context that is beneficial to all levels of the company. For example, as companies adapt to more equitable practices, the need to ensure that compensation changes are tied to actual performance data is critical. Usually, the datasets needed are kept separately, making it challenging to draw data-based compensation adjustments.
"Since implementing ChartHop earlier this year, we've seen significant improvement in our engagement with talent routines as they're managed via ChartHop," explains Sara Howe, human resources vice president at Zoominfo, a B2B database company and a ChartHop customer. "Our employees have found the simple user interface and the centralized view of their data as the most helpful features. Leaders across ZoomInfo have also leveraged ChartHop to ensure that their organizations are well structured to support our continued rapid growth."
With the successful end of its latest funding round, ChartHop aims to use the raised capital to fuel its continued expansion through product enhancements, service investment and support, and growth toward its go-to-market capabilities.
"ChartHop customers have access to something that's usually impossible to obtain: accurate, consolidated people data," says ChartHop founder and CEO Ian White. "But data is only as useful as it is accessible. That's why we've made the data available through familiar visualizations like org charts, reports, and maps, and available to the whole organization, securely."
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Published on Tech Times.