Mesh, an employee performance management startup, today announced an $11 million Series A funding round led by RTP Global. Co-founded by Gaurav Chauty, Saurabh Nangia and Rahul Singh in 2020, the HR tech company is in full build out mode, growing its revenue 16x in just 2 years.
Mesh, a performance management platform that makes it easy for employees to manage goals, share feedback, and conduct one-on-one meetings. Organizations around the world are forced to conduct traditional performance reviews that rely heavily on top-down feedback. Mesh replaces this unhelpful archaic process by enabling transparency around goals, continuous feedback, and coaching conversations.
“Traditional performance management tools were designed for a time when businesses were slow pyramids. If you continue to only do top-down performance reviews today, your top talent will leave and you as a company will likely be disrupted very soon! Mesh helps modern organizations build a culture of real-time performance and growth conversations among peers, managers, and teams. Our vision is to enable 30 million people to reach their full potential at work by 2030,” he noted Gaurav Chaubey, Co-Founder and CRO, Mesh.
Recent studies* have shown that performance management is by far the most despised HR process in companies (with a Net Promoter Score of -60). A 2021 study found that transforming and reinventing performance management is one of the 10 most impactful practices. However, a staggering 83% of organizations admit they are not effectively using advanced people analytics from processes like continuous performance management and employee experience. Interestingly, companies that use advanced people analytics are more than 4x more likely to attract and retain employees than companies that don’t, are nearly 8x more likely to innovate effectively, and more than 2x more likely Probability of exceeding financial goals.
“When done well, a continuous performance management approach motivates employees not only to achieve their goals but also to build better relationships with their managers, to grow and develop within the organization and at the work that matters most to them, to excel,” he commented Saurabh Nangia, Co-Founder and CEO, Mesh. “In short, it can support a more human experience and we’re here to make that possible.”
This funding round comes less than a year after the seed round of $5.1 million, bringing the funds raised to $16.1 million. The newly raised capital will primarily allow Mesh to focus on building a global team for further expansion in the US and APAC markets. Mesh already works with a number of unicorn startups, including Pipefy, Drip Capital, Groww, CRED, and more.
Madhur Makkar, RTP Global said: “Last year we supported Mesh because of the strength and vision of the team. Since then, the team has done a really good job of not only onboarding outstanding customers, but also delighting users. Leading this round came naturally to us and we are excited about this continued partnership as Mesh builds a distinctive brand around the future of work.”
Mesh is a remote-first company that aims to be a model organization that its customers help build with their products. Headquartered in the US, the HRTech startup has grown to a team of almost 50 employees in four countries. Along with benefits and offers such as stock ownership, unlimited no-questions-asked time off, study allowances, etc., all decisions and actions at Mesh are driven by their core values: LOVE – act with love, encourage openness, drive speed and think exponentially. Armed with a multi-layered technology stack, the company has gained prominence across industries in Southeast Asia and the US, and plans further expansion in APAC and the US.
Saurabh Nangia added: “We are pleased with the continued support and appreciation we have received from our investors and early clients. Over the past year, we’ve found solutions to our customers’ top unmet needs. This year we look forward to increasing user experience and further expanding into global markets. We are building a truly multi-generational company that will continue to rethink how people work and grow in the ever-changing future of work.”
https://techround.co.uk/news/mesh-secures-11m-funding-round/?utm_source=rss&utm_medium=rss&utm_campaign=mesh-secures-11m-funding-round Performance Management SaaS Platform Mesh Secures $11M Funding Round