This morning WorkBoard, a software startup that sells software designed to help other companies plan, announced that it has raised a $75 million Series D. Softbank Group led the investment, which saw participation from prior investors including Microsoft’s M12 venture capital arm, a16z, GGV and Workday Ventures. Per the company, three new investors also took part: SVB Capital, Capital OneVentures and Intel Capital.
More precisely, a host of strategic and venture investors joined up with SoftBank to greatly expand WorkBoard’s capital base in a single investment. Prior to its new round, WorkBoard had raised $65 million, according to its co-founder and CEO Deidre Paknad. Its new round, then, is larger than all of its prior funding combined.
The new funding values WorkBoard at $800 million on a post-money basis, a huge step up from its Series C post-money valuation of $230 million, per PitchBook data.
WorkBoard, like a number of startups that have raised recently, didn’t need more capital to keep operating. Paknad told TechCrunch in an interview that her OKR-focused business still had $35 million in the bank from its preceding rounds. So, what will WorkBoard do with its now $100 million or $105 million bank account? Invest like heck, it appears.
In a sense that should not surprise — TechCrunch included WorkBoard in a roundup of OKR-centered software startups last week, a piece that included the fact that it had grown (Read more...)