Mesh Secures Funding to Build 'Real-time' Performance Management Platform
Employee performance management startup Mesh received an $11 million investment this month.
The Series A funding round came from London-based RTP Global, and follows a seed round announced in the summer of 2021. San Jose, Calif.-based Mesh said they will use the cash to expand the company's engineering, product, marketing and sales teams, and grow its customer base in the US and the Asia-Pacific regions.
Goal Setting Tool for Workers
Founded in 2020 by Gaurav Chaubey, Saurabh Nangia and Rahul Singh in 2020, Mesh is a performance management platform for workers to set objectives, communicate feedback and have one-on-one meetings with their managers.
As companies grow to more than 50 employees they struggle to align and engage team members, Saurabh Nangia told Reworked. This leads to problems, he said. Leaders take too long to align employees with changing goals and priorities, managers are unable to share timely feedback when it is needed the most, and employees get disengaged due to lack of visibility and recognition. For HR, the process of conducting organization-wide performance reviews is cumbersome.
The aim is to provide more transparency around goals, continuous feedback and real-time coaching conversations. Mesh counts a number of startups as customers, including Pipefy, Drip Capital, Groww and CRED.
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"Performance management is critical, even in the most ordinary of times," wrote industry analyst Stacia Sherman Garr in a 2021 post on Reworked. "It’s one of the few talent practices that touches every single employee in the organization. It helps employees set goals, receive feedback and adjust their daily work practices. Performance assessments impact compensation, promotion and a host of other job-related opportunities."
According to research from her firm, RedThread Research, organizations that focus on organizational culture, clarity of objectives and manager capability are 32 percent more likely to experience high employee engagement and 97 percent more likely to see high performance.
Mesh is building features that company executives said will increase user adoption and encourage employees to provide regular feedback to the organization. Teams may use its Appreciation tool to provide positive feedback to or give advice to one another while they work.
“Last year, we backed Mesh based on the strength and the vision of the team," Madhur Makkar of RTP Global said in a press release. "Since then, the team has executed really well to not only onboard stellar customers but also delight users. Leading this round was a no-brainer for us and we are thrilled for this continued partnership as Mesh builds a distinctive brand around the future of work.”