Case Study

Culture Amp

HR software on a mission to create a better world from the organisation out.

‘’TDM is a fantastic investor and shareholder. I appreciate their long-term commitment to backing truly innovative and culture led companies but I also find that I learn something every time I talk to them’’


Culture Amp is the global leader in the ‘next generation’ human resources software market. Its employee experience platform enables organisations to capture, understand and act upon feedback from their employees about their organisational culture and performance.

At the time of investing, Culture Amp was one of the fastest-growing Australian headquartered software businesses we had ever seen. TDM was invited in 2019 to be part of the Series E capital raising process. Culture Amp raised US$82m at an $800m valuation.

Since then, we have continued to build and develop our relationship with founder and CEO, Didier Elzinga, and have assisted him with key executive recruitment and strategic planning and development.

In June 2021, TDM co-led Culture Amp’s US$100m Series F capital raising alongside Sequoia Capital, valuing Culture Amp at over $US1.5b.


Culture Amp is at the forefront of how organisations are monitoring, assessing and acting upon their organisational culture. We believe Culture Amp’s software is foundational for organisations who believe that people and culture is the key determining factor in their success.

Over 6000 customers globally continue to leverage Culture Amp’s software products to measure and drive employee engagement, performance, and retention. Culture Amp’s strong and continued rate of growth demonstrates its experience market fit . We believe Culture Amp is still very early in its journey in becoming one of the premier horizontal software success stories globally, and we will continue to support its ambition and mission of amplifying what 100 million workers can have on the world of work.

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People and Culture

Culture Amp is exhibits all the traits of a founder led, mission driven business that we love investing in and supporting with our patient long term capital. As it relates to the mission, there is nothing more powerful nor aligned to TDM than positively impacting any organisation’s culture.

As Culture Amp has continued to scale, it has also added high quality current operators to the board that have added huge value to the quality of the conversations around the board table. Having seen the scaling journey before, and understanding the friction points along the way, it is a great example of why we encourage our portfolio companies to ensure a good mix of current C suite operators are included in board construction conversations.

Competitive Advantage

Our primary framework for assessing competitive advantage is Hamilton Helmer’s 7 Powers. Find further details in our Four Pillars Framework.

We love investing in what we call ‘one mission, one platform’ software – in Culture Amp’s case they are solely focused on building successful cultures within their customer base.

This differs from their competitors who may include similar features as part of a broader HR suite, like payroll or workforce management.

Culture Amp is the leading and most recognised global brand in measuring employee experience.

They are the world’s largest and growing network of culture data – sourcing of over 1.1 billion data points on 45m surveys contributing the world’s most significant data lake.  

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