Performance reviews eat up a lot of a manager’s time and are often the most dangerous part of the job. onloop The proxies aim to bring some joy to the process by making it easier for the hybrid workforce to collect information.
The Singapore-based company has created a mobile-first product that continuously gathers employee feedback and goals to give the company a better understanding of how both individuals and teams are working. Feedback is also captured and converted into auto-generated reviews that aggregate all the material for managers to quickly put together a finished product.
The platform was in private beta since January 2021, and after a successful run with 25 companies, OnLoop has partnered with MassMutual Ventures and Square Peg Capital as well as Hustle Fund and a group of angel investors including XA Networks, BCG’s Aliza Knox. -Led raised $5.5 million. , Uber’s Andrew McDonald, Ready’s Alan Penn, Google’s Bambos Cacharis, Ripple’s Brooks Entwistle, Robert Hoyt, Nordstar’s Eddie Lee, Nas Academy’s Alex Dweck and hedge fund managers John Candeto and Keshav Lal.
OnLoop co-founder and CEO Projl Ghatak spent more than three years at Uber and says he’s seen his fair share of productivity tools, but still struggles to grow his team because tasks and communication are different by each employee. – Was separated.
“It’s a problem companies constantly complain about — teams don’t have the right tools to develop them,” he said.
As someone who started spending more and more time on his phone, Component wanted its product to be mobile-native and eliminate the need for managers to start from scratch every time they go over performance reviews. Instead of spending days gathering information, as the name suggests, OnLoop continuously and automatically captures the data and converts it into a well-written summary.
He said that continuous loop of information is good for morale. points to data that shows Regular self-reflection and feedback increased productivity by 20%, and a Gallup study where only 14% of employees thought their performance reviews motivated them to improve.
“A lot of company culture is set by leaders, so they want to drive this culture in their organizations, we are the tools that drive it,” Ghatak said. “Our job is to help educate teams on how to do it well. We listen over and over to make it fun and convenient. Teams don’t realize that if you help co-workers understand So, showing them a light they didn’t have before will enhance the effect.
The new funding will be invested primarily in product development and R&D, including expanding product, data and engineering teams. The company will also oversee its sales and marketing infrastructure. The company currently has 22 employees.
OnLoop was able to convert some of its early adopters into paying customers and is now focusing on finding a scalable way to get the product into the hands of more teams.
Piruz Sabunku, partner at Square Peg Capital, experienced the pain of performance reviews while working in Stripe’s Southeast Asia and Hong Kong region. One of the challenges they faced working with regional teams was that an employee’s direct manager could be located elsewhere, yet work closely with a manager in their respective office.
The Square Peg itself uses OnLoop, and Sabunku said he liked that it was mobile-first and was designed in such a way that people weren’t open and afraid to use it.
“Who is your manager, that’s a big question, but it doesn’t matter,” she said. “It will still be my duty to catch and develop that person, even if they’re not my direct person. Everyone’s talking about remote and hybrid work, and it’s not going anywhere – it’s here.” We believe this is a huge opportunity to disrupt a $400 billion market, and OnLoop is providing better ways to communicate and respond.”
Editor’s Note: Due to an error, the round amount and key investors were updated after the announcement.