ARLINGTON, VA, The Center for Innovative Technology (CIT) announced today that its CIT GAP Funds invested in PerformYard.
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The Center for Innovative Technology (CIT) announced today that its CIT GAP Funds invested in PerformYard, an Arlington-based startup that provides enterprise software for employee performance and human resources information.
The PerformYard people management solution creates a collaborative environment by encouraging active participation by all employees. PerformYard transforms success tracking by using a combination of core HR data, feedback, status reporting, goals and performance reviews. The web platform allows employees to seamlessly document achievements and feedback in real-time, resulting in a more intelligent organization that can directly link employee performance to corporate results.
CIT President and CEO Pete Jobse said, 'Every entrepreneur knows that having quality and productive people on your team is what creates successful companies. PerformYard's platform helps companies reach new levels of success with innovative technology that motivates, rewards and retains employees.'
PerformYard CEO and co-founder Ben Hastings said, 'The best companies are really just a collection of talented individuals who perform at a high level. The PerformYard team has developed an intuitive product that promotes engagement and harnesses the combined potential of the workforce. The investment from CIT GAP Funds will help accelerate our growth into 2014 with new product enhancements and expansion of our sales team.'
CIT GAP Funds is a family of seed- and early-stage investment funds placing near-equity and equity investments in Virginia-based high-growth technology, life science and clean technology companies.
Tom Weithman, VP, CIT Entrepreneur and Managing Director of the CIT GAP Funds, said, 'Startup technology companies are creating a third of the new jobs today and early stage financing is important. That is why we offer entrepreneurs like Ben and the PerformYard team access to capital, enabling them to focus on the development of their products. As these companies are created and grow, they contribute to the overall economic growth of the Commonwealth of Virginia.'
Since its 2005 launch, CIT GAP Funds has invested in over 90 companies across the Commonwealth of Virginia, deploying more than $10 million of public funds and attracting over $135 million more in private funding.
About the Center for Innovative Technology, http://www.cit.org
Since 1985, CIT, a nonprofit corporation, has been the Commonwealth's primary driver in developing innovation-based economic development strategies and opportunities. CIT accelerates the next generation of technology and technology companies through commercialization, capital formation, market development and revenue generation services. To facilitate national innovation leadership and accelerate the rate of technology adoption, CIT creates partnerships between innovative technology startup companies and advanced technology consumers. Follow CIT on Twitter @CITorg and add the Center for Innovative Technology on LinkedIn and Facebook.
About the CIT GAP Funds, http://www.citgapfunds.org
CIT GAP Funds makes seed-stage equity investments in Virginia-based technology, clean tech and life science companies with a high potential for achieving rapid growth and generating significant economic return for entrepreneurs, co-investors and the Commonwealth of Virginia. CIT GAP Funds investments are overseen by the CIT GAP Funds Investment Advisory Board (IAB). This independent, third-party panel consists of leading regional entrepreneurs, angel and strategic investors, and venture capital firms such as: New Enterprise Associates, Grotech Ventures, Valhalla Partners, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Clinic, Johnson & Johnson, General Electric and Alpha Natural Resources.