Culture Amp is the global leader in the “next generation” human resources software market. Their employee experience platform enables organisations to capture, understand and act upon feedback from their employees about their organisational culture and performance.
At the time of investing, Culture Amp was one of the fastest growing Australian headquartered software businesses TDM had ever seen. Run by incredibly passionate and highly capable founders, with a huge growth opportunity ahead of it, it was an exemplar of what was possible as a ‘culture first’ business.
Culture Amp is at the forefront of how organisations are monitoring, assessing and acting upon their organisational culture. We believe Culture Amp’s software is foundational for organisations who believe that people and culture is the key determining factor in their success. This is deeply aligned to the core of TDM’s investment approach that is laser focused on the people and culture of the businesses we are proud to support, and our belief that long term sustainable competitive advantages are born out of an organisations culture.
Prior to investment, TDM had been following the growth of Culture Amp for more than 12 months,. During this time, we built strong relationships with both the management team and Board and as a result of this, were invited in 2019 to be part of 2019 Series E capital raising process. Culture Amp raised US$82m at a $800m valuation.
Since TDM’s initial investment, we continued to build and develop our relationship with founder and CEO Didier Elzinga and have assisted him with key executive recruitment and strategic planning and development.
In June 2021, TDM was invited by Culture Amp to co lead their US$100m Series F capital raising alongside Sequoia Capital. As part of this investment, TDM obtained observer rights to the Board and we continue to help and assist management scale all functions of the business.
Customers globally continue to leverage Culture Amp’s software products to measure and drive employee engagement, performance, and retention and Culture Amp’s strong and continued rate of growth demonstrates its product market fit. We believe Culture Amp is still very early in its journey in becoming one of the premier horizontal software success stories globally, and we will continue to support its ambition and mission of amplifying what 100 million workers can have on the world of work. The Series F funding valued Culture Amp at over $US1.5b.
‘’TDM is a fantastic investor and shareholder. I appreciate their long term commitment to backing truly innovative and culture led companies but I also find that I learn something every time I talk to them’’