Profit.co, which develops software that enables clients to define, track, and assess objectives and key results (OKR) for their staff, announced that it raised $11 million in its first external round of funding for four years of bootstrapping, Elevation Capital took the lead in the investment round, which was completed in August 2022, according to founder and CEO Bastin Gerald. Elevation Capital contributed $9 million in equity. The balance was debt owed to numerous US-based banks.

The new funds will be used to expand the company's sales and customer success teams. The platform of Profit.co, which Gerald founded in 2018, enables OKR planning, review, and implementation in the enterprises of its clients. Gerald, a Wharton School alumnus, developed Apptivo, a maker of business software, and has held numerous executive positions at IT firms like CashEdge (now bought by Fiserv) and Oracle.

With a total of 220 employees, the US-based firm makes 40% of its income here. India and the Europe, Middle East, and Africa (EMEA) region provide another 40% of its sources. According to the statement, the remaining 20% comes from the remainder of Asia Pacific.

The business declined to provide specific revenue data. According to Gerald, the average contract value in India is no more than 25% of the company's worldwide average contract value. According to Profit.co, annual recurring revenue (ARR) would increase by more than nine times between 2020 and 2022. About 1,300 clients are served by the company at this time, who has clients in the financial services, telecommunications, manufacturing, consumer goods, retail, services, not-for-profits, technology, and government sectors.

Ally.io, the business financed by Accel and Lee Fixel that Microsoft acquired in 2021, Quantive, formed in 2011 and formerly known as Gtmhub, and WorkBoard, backed by SoftBank, are competitors of Profit.co. Akarsh Shrivastava, principal at Elevation Capital, stated that Profit's "deep product, combined with the execution muscle, has generated multiple stories of strong effect on their customers throughout the US, India, and EMEA."

Last week, Bengaluru-based Rigi, a provider of an online content streaming and mentoring platform, revealed that Elevation Capital had led a $12.3 million investment round. The fund had announced its seventh pool of capital, worth $670 million, in April 2022 after investing in over 150 businesses across consumer Internet, software as a service, fintech, consumer brands, edtech, health-tech, Web 3.0, and cryptocurrency.