(Bloomberg) -- Lattice, a startup that make software for human resources departments, is raising $60 million at a $1 billion valuation in a funding round led by Tiger Global Management.
The company's latest value is up from $450 million last year, a representative for Lattice said, and it has now raised $158 million to date. Existing investors Thrive Capital, Shasta Ventures, Founders Fund, Frontline Ventures, Fuel Capital and Khosla Ventures also participated in the new round.
Lattice, whose clients include Slack Technologies Inc., Samsara Inc. and Reddit Inc., is trying to improve how companies carry out performance reviews, said Jack Altman, its co-founder and chief executive officer, in an interview.
“Historically employees hated performance reviews and it was the thing they dreaded most about work,” Altman said, adding that the company has developed a system that gives feedback to staff more frequently.
Lattice also offers employee engagement surveys and tools for career development.
Altman said Lattice's software became more useful during the pandemic when employees weren't interacting in person. The San Francisco-based company doubled in size in 2020, a statement showed.
“Both growing and established companies have dramatically changed their working practices in recent years, and Lattice has grown impressively as a result,” said John Curtius, a partner at Tiger Global.
Lattice is trying to stand out in a crowded market for enterprise software companies.
Miles Grimshaw, a general partner at Benchmark who invested in Lattice while at Thrive Capital, and who is also a board member at the company, said that its software is hard to replicate.
“You can copy features but you can't copy the holistic experience,” he said. “Software is both science and art.”
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