It feels like yesterday when Norwest led Productiv’s Series B funding round back in 2019. Now, only 16 months later, I’m proud to share that Productiv has raised a $45M Series C round led by our friends at IVP with participation from Atlassian Ventures and existing investors Norwest, Accel, and Okta Ventures. This round further validates the company’s white-hot momentum and cements its leadership position in the category of enterprise SaaS management. During the last year, Productiv more than doubled its headcount and added an impressive roster of customers, including DocuSign, PagerDuty, SentinelOne, and Robinhood. We also welcomed technology industry veteran Aashish Chandarana as our very own Chief Information Officer (CIO).
As I wrote in my post celebrating the Series B round, the enterprise CIO used to own software purchasing in a centralized function. As cloud adoption exploded, that spending was spread out across multiple business units, geographies, and departments. These challenges were further exacerbated by individual employees signing up for SaaS subscriptions without IT’s knowledge.
COVID ushered in the work-from-home era and has only accelerated the explosion of SaaS and the subsequent “SaaS sprawl.” As workforces became remote and distributed, and even employee onboarding went virtual, questions like “are we really getting value out of our SaaS investments?” or “how can I ensure my employees are collaborating in the best way?” became increasingly common.
Faced with these new challenges, the role of the CIO has shifted. Ensuring every employee is enabled with the right, customized tech stack to be fully productive has never been more critical. Hence the name, Productiv!
Productiv offers the modern CIO a unique advantage by unearthing unique data that provides insights into the CIO’s entire SaaS portfolio. For the first time, CIOs now have a way to measure the ROI of all that SaaS spend and its impact on employee productivity.
It’s no surprise to us that Productiv has been able to grow so quickly in such a short amount of time — this is their third round in two years, after all! We’re thrilled to be along for the ride and it’s a pleasure to welcome IVP and Atlassian Ventures to Team Productiv.
To learn more about Productiv’s funding announcement, please see the press release here.