The bridge between a business strategy and successful execution is something that all businesses are focussed on. Yet 60% stumble on this path (according to Gartner) because of gaps in their ability to execute. To support businesses on their journey, Profit.co which is laser focussed on Objectives and Key Results (OKRs) metrics is announcing a $11M funding round to grow their team and product around the world. The funding round was led by Elevation Capital.
Founded by Bastin Gerald in 2018, Profit.co is a platform that enables OKR planning, review, and execution because it’s people that drive strategies to ensure businesses steer a stable course on their successful execution. OKRs is a goal setting framework pioneered by Intel and used by organizations to define, measure, and track outcomes. Profit.co’s OKRs help teams bridge the gap between strategy and execution.
Today, companies manage their strategy delivery and execution on spreadsheets, presentation slides or at stretch by way of a project management software but these means remain disconnected with what’s happening in the engine of the business. As a business grows this approach lacks the flexibility and integration with their wider enterprise stack like Slack, Jira, Salesforce, Hubspot, Oracle and true alignment mechanisms that streamline strategic execution.
”The biggest concern for businesses that use suboptimal solutions to navigate the growth journey is that they don’t have an eyeline into the levers of their success, the people working on projects. OKR use is widespread and we are helping business owners capture the true essence of what is working and what needs supercharging. Our insights are not just dynamic but showcase how they trend over time and in real time”.
The company has seen strong traction in recent times, having grown 9X+ in ARR over the past 2 years. It currently has thousands of customers across 25 countries, spanning sectors such as Financial Services, Telecom, Manufacturing, Consumer, Retail, Services, Not-for-Profits, technology and government organizations. Their clients include 70 Fortune 500 companies and feature marquee names such as Deckers Brands, Sandvik, Deriv, Open Government (Singapore) and Phoenix Rescue Mission among others.