This morning, Gtmhub, an international startup specializing in software solutions for corporate planning, announced the successful completion of a $30 million Series B funding round. Insight led the investment, with additional participation from Singular, as well as existing investors LauncHub and CRV.

Gtmhub secured funding approximately 13 months prior, raising $9 million in a Series A round. Notably, that previous capital injection exceeded the total amount of all prior funding efforts combined. This latest funding round mirrors that trend, significantly surpassing the company’s previous fundraising achievements.

What accounts for Gtmhub’s ability to attract substantial investment? The answer is consistent, rapid expansion.

TechCrunch previously reported that Gtmhub experienced 400% growth in annual recurring revenue (ARR) leading up to its Series A funding. This strong growth trajectory has continued, with Gtmhub COO Seth Elliott informing TechCrunch that the company tripled its ARR between December 2019 and December 2020.

Around the time of Gtmhub’s 2019 funding, several other companies in the same software market also secured investments, prompting TechCrunch to question the growing interest in “OKR software.”

OKR stands for “objectives and key results,” a goal-setting framework that has gained prominence within American technology companies and, according to Elliott, is increasingly adopted by businesses internationally and across various industries.

The company executive also explained to TechCrunch that Gtmhub’s growth is aligned with two key business trends. The first is the increasing adoption of OKRs, a trend the company is capitalizing on. The second, which he believes Gtmhub is actively shaping, involves large organizations undertaking corporate transformations to enhance their agility. These companies are implementing Gtmhub to effectively manage their digital transformations and related initiatives.

It’s logical that larger companies seeking operational improvements would seek a modern planning methodology to align their teams, and Gtmhub has consistently focused on serving enterprise clients.

This enterprise focus proved beneficial for the company last year. TechCrunch inquired about updates to the company’s annual contract value (ACV) and gross margin levels during discussions about the new funding round. In 2019, the company reported a 650% increase in ACV. The COO revealed to TechCrunch that this figure increased tenfold in 2020, demonstrating success in acquiring larger clients. Furthermore, Elliott stated that the total number of paying users also grew by a factor of ten during the same period.

The company’s gross margins remained stable, holding at approximately 90% of their 2019 levels.

Considering these results, it’s understandable that Gtmhub was able to secure another funding round faster than the typical 18-month timeframe.

The funding process moved quickly. According to Elliott, Gtmhub began preliminary discussions with investors in early November, and initiated a formal fundraising effort by the end of the month. The round was finalized before the end of 2020.

It will be noteworthy to observe whether other startups in this software category, which also raised capital around a year ago, will now pursue additional funding. WorkBoard and Ally are among the companies we are monitoring in this regard. We also hope to receive updates from other companies in the space, such as Perdoo, regarding their growth in 2020.

Gtmhub chose not to disclose its growth plans for 2021 to TechCrunch.

The key takeaway from this funding round is that even within a seemingly specialized software niche—specifically, OKR-focused software—there is sufficient market opportunity to support multiple high-growth startups. This observation is broadly applicable and highlights the current rapid pace of activity within the venture capital and startup ecosystems.