Enterprise-class OKR platform Profit.co raises $11M in funding led by Elevation Capital

Enterprise-class OKR platform Profit.co on Tuesday said it has raised $11 million in its first institutional funding round led by Elevation Capital.

The company will use the latest round of funding to scale up the sales and customer success teams in North America, EMEA, and APAC.

Founded by Bastin Gerald in 2018, Profit.co is a platform that enables OKR planning, review, and execution. OKRs is a goal-setting framework pioneered by Intel and used by organisations to define, measure, and track outcomes. Profit.co’s OKRs help teams bridge the gap between strategy and execution.

Bastin Gerald, Founder and CEO of Profit.co, said, business leaders struggle to see and action cross-functional dependencies between key results, making them more reactive and restricting the success rate of the company’s priority initiatives.

"Profit.co seamlessly integrates individual employee success with business strategy to ensure that OKR setting is a reliable and value-additive exercise for organisations,” he said.

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The company claims to have grown 9X+ in ARR over the past two years. At present, it has thousands of customers across 25 countries, spanning sectors such as financial services, telecom, manufacturing, consumer, retail, services, not-for-profits, technology, and government organisations.

Akarsh Shrivastava, Principal, Elevation Capital, said Profit’s deep product, coupled with the implementation muscle, has forged several stories of strong impact on their customers across the United States, India, and EMEA.

"What further excited us was the type of customer NPS, scale, and growth they have been able to achieve with very limited capital. We are super excited to partner with Bastin and the team,” he said.