Glint, a startup that helps companies improve their employee retention rates, announced today that it has raised $20 million in Series D funding. The round, which includes participation from returning investors Bessemer Venture Partners, Meritech Capital Partners, Norwest Venture Partners and Shasta Ventures, brings Glint’s total funding so far to $80 million.
Founded in 2013, Glint’s platform conducts employee surveys and then analyzes the results using machine learning, natural language processing and predictive analytics. Its reports measure how employees feel about things like management, compensation and workplace culture and makes suggestions for how companies can improve their scores.
Not only does this reduce the expense of recruiting and training new employees, a happier workforce can also mean happier shareholders. Glint claims companies that ask for employee feedback at least four times a year can see a 40% increase in their stock price, compared to 4% for companies that only survey employees once a year.
Other startups that also use data analytics to figure out what makes employees tick include CultureAmp, which has raised $36.3 million so far, including a $20 million Series C in June, and TinyPulse, which has received $9.5 million in funding, according to Crunchbase.
In a statement, Byron Deeter, a partner at Bessemer Venture Partners, said “In the current corporate climate, it’s critical that organizations commit to listening to their employees and responding to their concerns and needs in meaningful ways. We’re excited to see more and more global organizations use Glint to transform their approach to business success, harnessing the collective power of their people to improve results.”
Glint’s new capital will be used to grow its operations and expand in Europe, where its customers already include Sky Media. Some of Glint’s other clients are United Technologies, Pure Storage, Intuit, LinkedIn and Rio Tinto.