This morning Ally.io, a software startup with a focus on the OKR (objectives and key results, in case you’ve somehow avoided being exposed) goal-setting technique, announced that it has closed $50 million in new capital. The Series C round was led by Green Oaks Capital, Madrona Capital and its Series B lead, Tiger Global.
Ally raised an $8 million Series A in August, 2019 and a $15 million Series B in October of the same year. The Series C is more than its A and B rounds put together — and doubled.
That Ally raised such a large round really wasn’t too big a surprise. OKR-software rival Gtmhub raised a $30 million Series B earlier this year, and companies in this particular software niche reported rapid-fire growth last year. TechCrunch collected growth metrics from a host of companies competing in the OKR and corporate goal-setting market, including Ally. In 2020, Gtmhub, Perdoo, WorkBoard and Ally.io all grew in the triple digits.
In a blog post that TechCrunch saw before publication, Madrona investor and Ally backer S. Somasegar noted that “nearly $300 million” has been invested into OKR startups in the last two years. Such rapid growth from so many players in such a competitive space could signal a huge market.
Ally’s latest round makes it clear that investors expect similar growth from the cohort in 2021.
For flavor, we got new growth numbers from Ally.io. Previously the startup had shared growth of 3.3x in 2020.