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Workboard gets $2.75M in Series A round

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February 26
11:38 AM 2014

Workboard Inc secured $2.75 million for its Series A round with Granite Ventures and Opus Capital co-leading the round. Other participants include Crosslink and Shea Ventures,   VentureBeat reported.

Workboard creates software for enterprise managers which is geared towards helping workers become more productive and engaged so that a company improves its gains, the report said.

In a statement about the funding, Workboard said it will be using the proceeds to speed up the development of its product and increase its client base. Its first application which reports goals and status is currently in private beta.

As part of the deal, Chris Hollenbeck of Granite Ventures and Carl Showalter of Opus Capital have joined the Board of Directors of Workboard together with Deidre Paknad, the Co-Founder of Workboard. Granite Ventures and Opus Ventures were also backers of Paknad in her previous venture. Author and GRAMMY Foundation Chair Rusty Rueff also joined the Board of Directors while "Information Architect" author Christina Wodtke will also be part of the Workboard board as advisor, the statement said.

Paknad, who also serves as Workboard's Chief Executive Officer, said in the statement, "Managers want more efficient, effective ways to link goals to work to reported results while teams want to know their work is relevant and valuable. With Workboard, it is as easy to publish goals, coordinate work and track results as it is to share social status.  Execution and satisfaction both improve."

Paknad has also established and headed other firms before Workboard. IBM acquired the last company she founded in 2010 called PSS Systems. She also managed IBM's Information Governance business for a few years. In the statement about the funding, Hollenbeck expressed confidence about Paknad's abilities. He said, "Deidre knows how to identify enterprise challenges and build great solutions that delight customers and define new markets.  We are excited to invest in her next company."

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