The company has raised US$5.5 million in pre-launch funding underpinned by the success of its closed beta across 25 leading companies and will continue building the unique product for teams to become better in a hybrid working world
SEPTEMBER 17, 2021 -- OnLoop, an AI and behavioural science powered collaborative team development product built for hybrid working teams, that converts feedback and goal captures into auto-generated performance reviews, announced today the product is now available to all users. The platform has been in private beta since January 2021.
“We’ve all gone through the outdated, largely annoying process of performance review cycles. It’s time consuming, inefficient, and teams aren’t getting better at the end of them, said Projjal Ghatak, Co-Founder and CEO. “OnLoop is on a mission to create less biased, less anxious, and more productive workplace cultures through day-to-day, data-driven team development. The team has worked tirelessly with our early adopters and Product Advisory Board to build a tool that changes how people improve in the workplace by making day-to-day reflection and feedback easy and approachable -- almost fun.”
OnLoop was fully built and launched during the pandemic by Ghatak and his team of product and management leaders from top companies like Uber and Google, who over the years as managers, consistently saw a deep personal need to have a better tool to encourage more equitable, collaborative, positive growth in the workplace. Workplace surveys show that 83 percent of millennials reported receiving no meaningful feedback at work, and 86 percent of employees do not receive performance reviews that inspire them to improve. Meanwhile, regular self-reflection and micro-feedback has proven to increase productivity by at least 20 percent.
More than 25 companies and 650 plus users, including employees at BCG, Github, Gorillas, H&M, Uber, and Snap, have used OnLoop to accelerate their career development while saving time in the company’s private beta. OnLoop’s early successes can also be attributed to the company’s Product Advisory Board, which consists of Director to VP level leaders across product, engineering, business development, marketing and operations at leading global tech, management consulting, and consumer organizations to ensure the product is helping optimize teams to their fullest.
OnLoop has also raised a US$5.5 million initial investment, which will accelerate the company’s vision in building the best product for hybrid teams fueled by its unique AI-written performance summaries in partnership with OpenAI’s GPT-3, hiring the best talent across all functions, and allowing the company to scale with more customers through deeper product adoption and strategic partnerships.
Lead investors in the company are MMV (MassMutual Ventures) and Square Peg Capital, with additional participation from Hustle Fund and angel investors including XA Network, Aliza Knox (Senior Advisor, BCG), Andrew Macdonald (SVP, Uber), Allen Penn (COO, Ready), Bambos Kaisharis (Director, Strategy & Ops, Google), Brooks Entwistle (MD, APAC and MENA, Ripple), Robert Hoyt, Eddie Lee (Venture Partner, Nordstar), Alex Dwek (CBO, Nas Academy), hedge fund managers John Candeto and Keshav Lall.
“The switch to global remote work made better communication even more critical for success. And in the hybrid working model even after the pandemic, reinventing the way teams develop and give feedback is a must-have. This is a $400 billion industry ripe for disruption — and OnLoop is very well positioned to lead the charge,” said Piruze Sabuncu, Partner at Square Peg Capital, Australia’s largest venture capital fund.
“Existing tools are designed for compliance processes and largely fail to meet the needs of the next-gen workforce, especially in the post-pandemic hybrid future. OnLoop solves a key market pain point by encouraging and facilitating on-the-go goals, reflection, feedback and development in teams through an engaging, interactive and habit-forming user experience," said Ryan Collins, Managing Director at MMV, a multi-stage global venture capital firm.
Early adopter Neha Batra, Director of Engineering at GitHub said, “Performance reviews not only eat up a ton of time for me and my team, but also becomes the default development process which isn’t enough to develop our engineers; providing feedback needs to be a regular habit. This forces me to invent my own processes to accelerate team growth that don’t compound or scale. OnLoop has the potential to save me and my team massive amounts of time.”
OnLoop is the first product designed to reinvent how hybrid teams are assessed and developed. It helps teams drive an impactful loop of regular reflection, feedback and learning that managers and their teams co-create to provide powerful insights into individual and team development. OnLoop also unlocks personalized content for each individual and produces AI powered reviews for use in more formal performance review processes. Learn more at www.onloop.com