Thew investment deal is an indicator of just how strong the market is for OKR software.
Software company Gtmhub announced this week that it has closed a $120 million Series C. This latest funding round comes less than 12 months after it raised a $30 million Series B in January 2021. The Denver-based startup now has $161 million in total funding. This means Gtmhub has raised more than any other organization in the $42 billion OKRs software space, they say.
“This rapid growth demonstrates Gtmhub’s position as a dominant player in the market,” the company said in a press release. They also said their growth “validates the increasing demand for enterprise OKRs solutions to enable successful strategy execution.”
Index Ventures led the round, with a number of prior investors contributing as well.
A busy year for the OKR software market
Gtmhub focuses on helping companies implement a business planning approach known as OKRs, or Objectives and Key Results. OKRs was originally pioneered by Andy Grove, the former Intel Corp. chief executive. The move helped Grove turn the chipmaker into an industry leader. The approach was later adopted by many other companies, including tech giants such as Microsoft Corp. and Google LLC.
The OKR software market that the Gtmhub competes in has had a busy year. Competitor Ally sold to Microsoft, and rival WorkBoard raised a $75 million round earlier in the year.
“Putting up the largest round in the industry so far is only validation that our model is working and proof that other players just can’t keep up,” said Ivan Osmak, CEO of Gtmhub.
“We are helping people and companies achieve their goals and get results while continuing to innovate and increase value for enterprise organizations. While our growth is rapid and our goals are ambitious, we have no plans to slow down.”
Gtmhub’s clients include companies like Adobe, TomTom, Red Hat and Experian, and its 500,000+ users span more than 75 countries. The company employs 240 people currently. However, the company plans to double its headcount and triple its revenue in the coming year.