Workboard, a startup that develops software for companies to manage and measure their business strategies, has raised $9.3 million in a series A round of funding from Microsoft Ventures and Floodgate, with participation from other existing investors.
Founded out of Redwood City, California, in 2013, Workboard’s software-as-a-service (SaaS) platform strives to help organizations set their strategies, measure their progress, and shift priorities when needed.
A recent survey from The Economist Intelligence Unit (EIU), which was commissioned by the Brightline Initiative coalition, found that 90 percent of senior executives at major billion-dollar companies “fail to achieve all their strategic goals because they don’t implement well.” And this is what Workboard is setting out fix, through using data and analytics to inform decision-makers on what their priorities should be and help them to activate strategies across teams.
“It’s a pivotal time for enterprises, as market pace and their own business-planning cadence diverge more every month,” noted Workboard cofounder and CEO Deidre Paknad. “While strategy windows are getting shorter, the world is getting more complex. To gain and sustain advantage, companies must activate short-range strategic priorities, localize them to front-line teams, and measure results objectively to learn and iterate faster than ever before.”
Workboard claims a number of notable clients, including Samsung and IBM.
Prior to now, Workboard had raised around $3 million in funding, and with its latest cash influx the company said that it plans to “accelerate sales and marketing” of its SaaS platform.