Denver-based Gtmhub raised $120M funding led by Index Ventures
Gtmhub has got $120 million in funding (Series C) and is based in Denver. Several investors took part in the round along with Index Ventures. The company got more than $40 million cumulatively before the fresh investment. The investment is natural, considering the flourishing OKR software market.
WorkBoard is a competitor and has got $75 million sometime earlier. Ally, its competitor, was sold to Microsoft subsequently. Koan is another entity that was acquired by Gtmhub after shutting down sometime earlier.
The company was scouting for fresh funds according to its leadership. The company was looking for something sizable in order to consolidate its plans. Newer investors are more inclined towards taking up bigger stakes in the entity, while earlier investors are desirous of tapping into their rights (Pro-rata). These are factors rendering it difficult for companies to go for smaller funding rounds, surpassing a specific threshold of valuation.
The company has not made its valuation figures public. The size of the round indicates a considerable valuation increase as well. It is targeting a three-fold enhancement of sales in the present year, while maintaining the same tempo in the upcoming year as well. The extra funding will come in handy for this purpose. The OKR segment is heating up in the meantime.
WorkBoard is already starting discourses on its business clientele. Gtmhub is lining up its long-term blueprints to become a more effective entity from a software company that helps with corporate planning. It is aiming at tapping into company/business information to assist consumers in quickly identifying points of inflection, instead of only being a supporting act. How it adopts this guiding role remains to be seen.
The OKR segment is an emerging startup space in recent times. It is getting sizable funds and has several established startups battling it out directly. There are big-tech players who are also watching the space with keen interest. Gtmhub and WorkBoard will go head-to-head in 2022 and this will be a fascinating battle. A good year could make them ready for IPOs by the year 2023.