Investment Notes: Tability

Investible is thrilled to announce that we have led Tability’s Seed round, with participation from Right Click Capital, Skalata Ventures, Empress Capital, Jelix Ventures and various angel investors. 

Post-COVID, remote work has now become an integral employee value proposition for most organisations. It is estimated that ~80% of companies will either be hybrid or fully remote by 2024. Whilst many individuals claim that remote work has positive effects on their productivity, this is not the case within all organisations.

Remote work has created numerous issues for upper management, with only 12% of leaders feeling confident in their team productivity. Particularly, there are increasing concerns around coordinating team execution, communicating company-wide goals, maintaining staff urgency, and effectively showcasing progress and discussing results.

Tability is a goal-setting and accountability platform for remote and hybrid teams, designed to drive focus and alignment at scale. The platform is designed for SMBs and self-organising teams, which have been left behind by legacy enterprise goal-setting platforms. These platforms traditionally don’t cater for more collaborative and bottom-up managed teams.

Product-obsessed founders, who have mastered the art of PLG

Sten and Bryan are two product-obsessed founders, with Sten coming from a product management background and Bryan from product design. This comes as no surprise, considering the pair met whilst working at Atlassian, one of Australia’s most well-regarded product-led growth (PLG) SaaS businesses. Our interactions with them have been stellar to say the least, we have been impressed by their attention to detail and how fast they can iterate the product based on customer feedback. The duo is now leveraging the PLG playbook that was so successful at Atlassian to disrupt the SMB goal-setting SaaS market.

Once you have it, you don’t go back.

Tability is very sticky. It is embedded into existing workflows and enterprise platforms, enabling users to automatically sync tasks and progress tracking without having to leave their native environment. They have already built integrations with the likes of Slack, Jira, Clickup, Asana, Zapier and GPT-3. The product also supports all goal-setting methodologies, including OKRs, NCTs, MBOs and many others.

Tability’s land and expand strategy has also been impressive, boasting an ~8x user expansion rate within organisations after the first month of landing a customer. This illustrates Tability’s rapid adoption by teams within organisations, as more workspaces are being activated and remaining active over time. The business has now grown to over 4,000 paid users and 100 paid organisations, including the likes of Rokt, Freelancer, Autodesk and Google.

Tability has the team, product and go-to-market strategy to capitalise on the growing market of remote and hybrid organisations. We are excited to be a part of their journey as they look to transform organisational goal setting.