VC Fund Investments
OKR s'ware maker Profit.co raises $9-M equity from Elevation Capital
Profit.co, a Chennai- and Fremont, CA (USA)-based SaaS company which allows clients to set, track and measure objectives and key results (OKRs), has raised USD 11 million in its first external round of funding. Founded by Bastin Gerald in 2018, Profit.co's platform enables OKR planning, review and execution for clients' businesses. The funding round, closed in August 2022, was led by Elevation Capital that invested USD 9 million in equity. The rest was debt from multiple US-based banks. The fresh capital will be used to scale up the sales and expand teams. Profit.co has claimed that it has grown its annual recurring revenue (ARR) 9x from 2020 to 2022. Currently, the company services about 1,100 clients spread across industries of financial services, telecommunications, manufacturing, consumer, retail, services, not-for-profits, technology and government. Profit.co's SaaS platform is used in 25 countries by customers including Deckers Brand, Sandvik, Deriv, Singapore's Open Government and Phoenix Rescue Mission.
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