- Working mom social network HeyMama announced it has raised $2 million
HeyMama — a social and professional network of working mothers co-founded by Katya Libin and Amri Kibbler — announced it raised $2 million in a seed round of funding to increase their capacity to support women in the workplace.
“More than 70 percent of American mothers with children under 18 work, according to the Bureau of Labor Statistics. And while mothers have worked all throughout human history, the structure of the nuclear family, pressure, and pace of modern life introduces new challenges,” said Libin. “Parenting isn’t meant to be a solo sport and HeyMama is the village and support system that mothers need to be effective as they balance the demands of their lives and propel mothers forward in both their family life and their careers. We’ll continue to listen to the needs of our community and expand the ways in which we help working mothers thrive.”
Currently, a majority of women with young children are in the labor force and most children who grow up in the US will be raised in households in which all of the adults work. According to the Center for American Progress, 41% of mothers were the sole or primary breadwinners for their families by earning at least half of their total household income. So HeyMama is proof of the need for a system for women to be supported by their peers with 85% of its membership being built organically through word-of-mouth referrals from current members.
This round of funding was led by women who are passionate members of the HeyMama community and are dedicated to helping the organization expand to support more mothers. The members turned investors include Rebecca Minkoff, Kori Estrada, Kathryn Moos, Janna Meyrowitz Tuner, Divya Gugnani, Alison Wyatt, Sari Azout, Kymberly Marciano, and Karen Cahn. And the round also included men like Keith Billing who recognize the value in investing in women in the workplace.
“Katya, Amri, and the HeyMama team have recognized the massive opportunity that exists in connecting and supporting mothers in the workplace,” added Rebecca Minkoff, founder of Rebecca Minkoff and The Female Founder Collective. “I’m investing in HeyMama because I believe in their long-term vision. In just five years, they’ve already cultivated a membership of thousands of women, who I connect with weekly for support in both my personal and professional life.”
With this funding round, HeyMama is planning to further its promise to support working mothers in all facets of their lives. HeyMama will do this by advancing its technology platform available to members, increasing their membership capacity, and adding strategic senior leadership to the company.
These efforts will maximize the opportunity for their membership community to get matched, connected, and supported in more ways than ever. And the funding will also drive expansion to new cities with a goal of doubling their national presence in the next two years.
“As a fairly new mother, HeyMama has been an invaluable resource to find and connect with other like-minded, driven women,” explained Kori Estrada, Co-CIO of Axon Capital. “When I saw in our own HeyMama member forum that they were raising funds, I jumped on the opportunity to invest in the advancement of working moms who I know, like me, are passionate about managing the balance and cheering for each other along the way.”
Last year, HeyMama grew its network to 2,100 members with 11 official chapters. And the company also held 171 events and connected 4,751 women.
