- Columbus, Ohio-based employee mentoring software provider MentorcliQ recently announced it closed $6.3 million in growth capital funding
MentorcliQ is a Columbus, Ohio-based award-winning employee mentoring software provider that has announced the closing of $6.3 million in growth capital funding. Including this round, MentorcliQ has raised over $11 million since 2016.
What does MentorcliQ do? MentorcliQ works with a large and growing list of Fortune 500 companies such as JPMorgan Chase, 21st Century Fox, and Clorox to significantly improve employee retention. And it supports customers ranging from 300 employees to over 300,000 employees. And MentorcliQ is now improving the global workplace for more than 2 million employees.
With this round of funding, MentorcliQ plans to use the additional growth capital to continue outpacing the competition in the quickly expanding segment of the HR technology market.
This round of funding was led by Plymouth Growth Partners — which is an Ann Arbor, Michigan-based growth capital investment firm that is focused on B2B technology companies in the Great Lakes region. All of the previous investors contributed to the round including Rev1 Ventures, Ohio TechAngels Fund, and Pixel Perfect Ventures.
“MentorcliQ has a deep and loyal customer base, and it continues to attract new customers with the platform’s ability to help companies scale their talent development strategies and measure the ROI of mentoring. We are excited to partner with the MentorcliQ team at this stage of the company’s growth,” said Brook Critchfield — a partner at Plymouth Growth Partners.
In the past 3 years, MentorcliQ has seen revenue grow by 3X and added new business and quickly expanded their footprint with existing customers. This is due in part since MentorcliQ delivers to its customers a 30-60% increase in employee retention within the participating employee segments, which is an unprecedented impact that created a lot of buzz for the company.
For example, Cardinal Health won an award this year for demonstrating sustained improvement in employee retention for 3 consecutive years through a comprehensive offering of mentoring programs for their employees that meets the needs of its diverse talent base.
“Plymouth has an impressive track record of partnering with companies like MentorcliQ, to deliver even more value to their customers by making strategic investments in both product innovation and customer services. We are thrilled to be partnering with Plymouth, and are excited to work together to continue delivering results-driven employee mentoring as a strategic advantage, a must-have for all companies,” added MentorcliQ co-founder and CEO Phil George. “MentorcliQ is proudly helping our customers engage and retain their employees. With this injection of additional capital, we will have even more resources to grow our passionate and talented team and deliver more impressive results to our customers.”
Some companies also use MentorcliQ for running other strategic employee development programs such as onboarding programs like high potential programs and diversity and inclusion programs. Bacardi, for example, uses the platform for promoting women leadership within the company through mentoring. And Adecco uses the platform globally to connect employees across more than 30 countries. And Clorox leverages the platform for impacting diversity goals resulting in a 41% increase in employee retention within their diverse population.
MentorcliQ announced its first acquisition earlier this year, which was mentor training and talent development company TERP Associates. And MentorcliQ is planning to more than double its number of employees over the next 18 months, expand its investments in product innovation, market development, and customer success.