Valence Raises $25M To Track Team Performance Through Continuous Reviews

- Advertisement -


Valence, a growing platform for teamwork, today announced a $25 million Series A round led by Insight Partners. Co-founder and CEO Parker Mitchell said the tranche will be used to triple the size of the company’s team to 75 people, expand its sales presence (especially in Europe) and build the Valence product team.

- Advertisement -

What exactly is a “collaboration platform”? Mitchell describes it as a set of tools for talent and development, specifically team coaching in an organization. Valence allows managers to track the team’s performance against certain metrics and, if they deem it necessary, intervene through “guided conversations”.

- Advertisement -

“[I] we believe that a new category of digital command instruments will emerge. These tools will focus on collaborative learning and collaboration in teams where work is done. He will take the best practices that coaches and facilitators offer to the best teams and make them available to any manager. And in doing so, it will change how people work together, learn, and grow at work,” Mitchell told TechCrunch in an email interview. “At Valence, we believe that one of the most important skills that people can develop is the ability to work better with a wider range of people, which is why we create tools that allow better team leadership and people to work better with colleagues and teammates. . ”

In 2017, Mitchell launched New York-based Valence with Levi Hertz. Prior to Valens, Mitchell was a consultant at McKinsey and co-founder of the nonprofits Engineers Without Borders and Significance Labs, the latter of which became part of the Robin Hood Foundation. Hertz, who spent several years at Engineers Without Borders, was also a McKinsey employee and co-founded his own company, Viamo, which he led as chief operating officer for four years.

Valence

- Advertisement -

Image credits: Valence

Mitchell says Wales’ mechanics came from his previous experience in and managing large organizations. For example, on the platform, team members take surveys that ask them to rate the veracity of statements such as “We make decisions quickly” and “We focus on the most important things.” Based on the responses, Valence creates a discussion guide for managers, as well as recommendations for key areas.

Using Valence, teams and managers can create an overall plan and review it every couple of months to monitor progress and identify new issues as they arise.

“The challenges companies face in scaling hybrid jobs and managing retention in this market are exacerbated by the fact that people are not getting the necessary training and development opportunities. So Valence takes the core principles of teamwork and facilitation, leadership, learning and growth and translates them into a product,” said Mitchell. “There are a lot of tools out there that provide performance-focused capabilities, [but Valence’s platform] focuses on elements of collaboration and helps teams and leaders build trust.”

Valence also encourages teams and employees to stick to new habits, such as dedicating time to intensive work, through email reminders. In addition, it offers a personality assessment, allowing team members to see which colleagues prefer structure over more flexibility and adaptability, for example.

Valence certainly has an impressive appeal, with Fortune 500 brands such as Coca-Cola, Boston Scientific, Illumina and Applied Materials among its clients. But, as is the case with competing performance management systems (for example, Humanization and Lattice), it is limited in its capabilities without the participation of management. According to Gallup data, employees whose manager engages them in setting goals are four times more likely to be engaged, but only 30% of employees experience it. Incredible number of organizations using spreadsheets only a few years ago as the primary way to track performance metrics.

Valence

Image credits: Valence

Some may also disagree with aspects of Valencia’s approach, especially the reliance on personality scores. (Recent a piece in The New York Times called psychometric tests such as Myers-Briggs, the DiSC model, and Color Code “office astrology”. Mitchell positions Valence as an affordable alternative to professional coaching. However, it is not clear how effective surveys, semi-regular dialogues and emails can replace one-on-one recommendations.

Mitchell argues that even if Valence fails in certain areas, it’s still better than the off-the-shelf, generic training suite that most companies use.

“Top leaders are receiving revolutionary investments to try and build these teams – facilitators and coaches offer customized interventions to help them embrace new thinking and improve how they understand and interact with each other. But the top 1% get 90% of that investment… We believe technology will change that,” Mitchell said. “Senior executives buy a platform for two reasons. First, they can instantly offer their managers and teams global support. Second, they get insights into how teams are performing against benchmarks and learn where to focus their support and how best to turn on and retain their employees.”

In favor of Valence, the overall increase in spending on HR technology works. Venture investments in HR software and services have grown past $17.5 billion last year. While companies acknowledge that Problems integrating new technologies into their existing HR workflows, majority expect to pilot more of this in the future.

“We are suddenly faced with a once-in-a-generation shift in how work is done and how businesses think about leadership, teams and collaboration. While the first six to nine months of the pandemic were focused on getting people to work, the world turned around to help people work well and interest in Valence skyrocketed,” Mitchell added. “[C]companies use Valence to help their tens of thousands of managers and employees work better as a team…because they know what teamwork and collaboration is critical to both employee engagement and productivity.”


Credit: techcrunch.com /

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox