Claimed as the world’s first mobile native team development product, OnLoop is headed by Projjal Ghatak, Co-Founder and CEO.
“We’ve all gone through the outdated, largely annoying process of performance review cycles. It’s time consuming, inefficient, and teams aren’t getting better at the end of them, said Ghatak.
“OnLoop is on a mission to create less biased, less anxious, and more productive workplace cultures through day-to-day, data-driven team development.
“The team has worked tirelessly with our early adopters and Product Advisory Board to build a tool that changes how people improve in the workplace by making day-to-day reflection and feedback easy and approachable -- almost fun.”
OnLoop was fully built and launched during the pandemic by Ghatak and his team of product and management leaders from top companies like Uber and Google, who over the years as managers, consistently saw what he says were a “deep personal need to have a better tool to encourage more equitable, collaborative, positive growth in the workplace”.
According to OnLoop, workplace surveys show that 83 percent of millennials reported receiving no meaningful feedback at work, and 86 percent of employees do not receive performance reviews that inspire them to improve - meanwhile, regular self-reflection and micro-feedback has proven to increase productivity by at least 20 percent.
Ghatak says that more than 25 companies and 650 plus users, including employees at BCG, Github, Gorillas, H&M, Uber, and Snap, have used OnLoop to accelerate their career development while saving time in the company’s private beta.
OnLoop says its early successes can also be attributed to the company’s Product Advisory Board, which consists of Director to VP level leaders across product, engineering, business development, marketing and operations at leading global tech, management consulting, and consumer organisations to ensure the product is helping optimize teams to their fullest.
OnLoop has also raised a US$5.5 million initial investment, which the company says will accelerate its vision in building the “best product for hybrid teams fueled by its unique AI-written performance summaries in partnership with OpenAI’s GPT-3, hiring the best talent across all functions, and allowing the company to scale with more customers through deeper product adoption and strategic partnerships”.
Lead investors in the company are MMV (MassMutual Ventures) and Square Peg Capital, with additional participation from Hustle Fund and angel investors including XA Network, Aliza Knox (Senior Advisor, BCG), Andrew Macdonald (SVP, Uber), Allen Penn (COO, Ready), Bambos Kaisharis (Director, Strategy & Ops, Google), Brooks Entwistle (MD, APAC and MENA, Ripple), Robert Hoyt, Eddie Lee (Venture Partner, Nordstar), Alex Dwek (CBO, Nas Academy), hedge fund managers John Candeto and Keshav Lall.
“The switch to global remote work made better communication even more critical for success. And in the hybrid working model even after the pandemic, reinventing the way teams develop and give feedback is a must-have. This is a $400 billion industry ripe for disruption — and OnLoop is very well positioned to lead the charge,” said Piruze Sabuncu, Partner at Square Peg Capital, Australia’s largest venture capital fund.
“Existing tools are designed for compliance processes and largely fail to meet the needs of the next-gen workforce, especially in the post-pandemic hybrid future. OnLoop solves a key market pain point by encouraging and facilitating on-the-go goals, reflection, feedback and development in teams through an engaging, interactive and habit-forming user experience," said Ryan Collins, Managing Director at MMV, a multi-stage global venture capital firm.
Early adopter Neha Batra, Director of Engineering at GitHub said, “Performance reviews not only eat up a ton of time for me and my team, but also becomes the default development process which isn’t enough to develop our engineers; providing feedback needs to be a regular habit. This forces me to invent my own processes to accelerate team growth that don’t compound or scale. OnLoop has the potential to save me and my team massive amounts of time.”