Tability Announces Successful Fundraising Round Through Innovation Bay Angel Investors and Five VC Funds

Tability have announced a successful fundraising round from five leading venture capital funds and angel investors: Empress Capital, Investible, Jelix Ventures, Right Click Capital and Skalata Ventures, alongside Innovation Bay’s angel investor community, Horizon, for an undisclosed amount. 

Co-founded by Summit member, Sten Pittet, and Bryan Schuldt, both Atlassian alumni, Tability is pioneering a shift in work culture by placing goals, rather than hours, at the core of team activities, facilitated by intuitive goal-tracking technology. AI technology plays a crucial role in Tability’s approach, moving beyond basic applications to revolutionise strategy formulation, and shifting from outputs to outcomes thinking. 

In a world where workforces are increasingly remote, spanning multiple time zones, and where the demand for flexibility from top talent is at an all-time high, traditional metrics of productivity fall short. “We’re addressing three concurrent challenges: 1) the remote nature of teams, 2) the desire for flexibility, and 3) the imperative for companies to be more results-oriented than ever,” Pittet explains. “The old way of monitoring hours is obsolete. What teams need are clear goals and a straightforward method to track their progress.” 

Leaders in various sectors, including technology giants like Atlassian, Netflix, LinkedIn, and Asana, have already shifted towards goal-setting frameworks such as OKRs (Objectives and Key Results) to focus on outcomes rather than outputs – Innovation Bay included. Schuldt highlights the unique solution Tability offers to this widespread problem: “The issue isn’t a lack of desire for goal-oriented work; it’s that traditional tools, like spreadsheets, drain the energy from teams. Our platform transforms what used to be a tedious reporting task into an engaging collaborative activity.” 

Tability’s recent fundraising round included a pitch to Innovation Bay’s angel investor community, Horizon. Ian Gardiner, Co-Founder of Innovation Bay, is an investor in Tability through Jelix Ventures, mentioned an upcoming Horizon Inner Circle pitch event to Sten. “We were in the middle of a fundraise for Tability. I had heard great things about the community and thought it’d be a great opportunity to pitch in person,” he says. 

Horizon Inner Circles invite 3-4 startup founders to pitch to their community of active and engaged angel investors – all with deep experience in the startup ecosystem. “Having only 4 startups presenting felt great as a founder,” Pittet recalls. “Oftentimes, there’s a risk of pitch-fatigue for the crowd when there are many startups presenting. The crowd was also really serious about investing.” 

Following the pitch, Horizon members showed strong interest in the product, with Tability securing a decent investment from the group. Armed with a clear, concise and positive pitch result, Pittet offers some stellar advice to other startup founders: 

• “Be clear about your ask. People won’t be able to help you if you don’t know what you want.
• Come in prepared. Know your numbers, data, customers.
• Don’t lie. People will detect it right away and it’s best to acknowledge the things that you need to figure out – it’s also the best way to get the right kind of support.

This funding round marks a significant milestone for Tability, enabling further development and expansion of their platform to support more organisations worldwide in adopting a more flexible, effective, and results-focused work culture. Innovation Bay is proud to support Tability through our angel investor community and peer to peer flounder network, Summit. 

🎤 Startup founders looking to raise in 2024 can apply to pitch to our community of passionate and active angel and VC investors HERE.

💌 If you’re a founder, CEO, VC, angel investor, or corporate ecosystem supporter and would like to find out how being a part of Innovation Bay could accelerate your success this year and beyond, we’d love to hear from you HERE.

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