Gtmhub received $120 million funding (Series B) and is located in Denver. Index Ventures was also part of the round. Before the new investment, the company had already raised more than $40 million. Given the robust OKR software market, it is only natural that this investment was made.
WorkBoard, a competitor, has received $75 million earlier. Its competitor Ally was later sold to Microsoft. Gtmhub also acquired Koan, a competitor that had been shut down earlier.
According to the company’s leadership, it was looking for new funds. To consolidate its plans, the company needed to find large funds. While newer investors tend to take up larger stakes in the entity than earlier investors, they are more likely to want to tap into their rights (Pro rata). These factors make it more difficult for companies to raise smaller amounts of capital, or exceed a certain threshold in valuation.
The company has not yet made public its valuation figures. It is also evident that the round was large. It targets a threefold increase in sales for the current year and the same pace in the next year. This will be possible with the additional funding. In the meantime, the OKR segment is heating up.
WorkBoard has already begun conversations about its business clients. Gtmhub is developing its long-term plans to be a more efficient entity as a software company that assists with corporate planning. Gtmhub is not merely a supporter, but aims to tap into business information to help consumers quickly identify points of inflection. It remains to be seen how it will take on this guiding role.
In recent times, the OKR segment has been a growing startup sector. This segment is receiving substantial funds and several established startups are competing directly. The space is also being watched closely by large-tech companies. Gtmhub will face WorkBoard in 2022, and it will be an exciting battle. They could be ready for IPOs in 2023 if they have a good year.
