Profit.co, the startup that provides software to allows clients to set, track, and measure objectives and key results (OKR) for their employees, secured $11 million in its first external round of funding after about four years of bootstrapping.
The latest funding round was closed in August 2022, led by Elevation Capital, which invested $9 million in equity and included founder and chief executive Bastin Gerald. According to the company, the remaining debt was raised from multiple banks in the U.S. The fresh capital will be allocated to scale up the sales and customer success teams at the company.
Elevation Capital has been actively investing in the space, last week, Bengaluru-based Rigi, a provider of an online content streaming and mentoring platform, revealed that Elevation Capital had led a $12.3 million investment round. The fund had announced its seventh pool of capital, worth $670 million, in April 2022 after investing in over 150 businesses across consumer Internet, software as a service, fintech, consumer brands, edtech, health-tech, Web 3.0, and cryptocurrency.