COLUMBUS, Ohio--(BUSINESS WIRE)--MentorcliQ, an award-winning employee mentoring software provider, announces the closing of $6.3 Million in growth capital funding. This brings the company’s total capital raised to over $11 Million since 2016.
MentorcliQ, featured in Forbes and TechCrunch, works with a large and growing list of Fortune 500 companies like JP Morgan Chase, 21st Century Fox, and Clorox. MentorcliQ is proud to be making a difference in Diversity & Inclusion by working with many employee-forward companies listed on DiversityInc’s Top 50 list, such as ADP, Nielsen, and KeyBank. While its innovative platform is being leveraged to significantly improve employee retention by many larger companies, MentorcliQ supports customers ranging from 300 employees to over 300,000 employees. MentorcliQ plans to use this additional growth capital to continue outpacing the competition in this quickly expanding segment of the HR Technology market.
Leading this funding round is Plymouth Growth Partners, an Ann-Arbor, MI-based growth capital investment firm focused on B2B technology companies in the Great Lakes Region. All previous investors contributed to the round as well, 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," says Brook Critchfield, Partner, Plymouth Growth Partners.
“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,” says Phil George, Co-Founder & CEO, of MentorcliQ.
MentorcliQ has seen revenue grow by 3X over the past 3 years, adding new business and quickly expanding their footprint with existing customers. This is due in part because MentorcliQ delivers to its customers a 30-60% increase in employee retention within the participating employee segments, an unprecedented impact that has created a lot of buzz for the company. As a prime example, Cardinal Health, #14 on the Fortune 50 and a dedicated MentorcliQ customer since 2014, 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.
Beyond traditional mentoring programs, companies also use MentorcliQ to run other strategic employee development programs like Onboarding programs, High Potential programs, and Diversity & Inclusion programs. Some examples include Bacardi, who uses the platform to promote women leadership within the company through mentoring, Adecco, who uses the platform globally to connect employees across over 30 countries, and Clorox, who leverages the platform to impact diversity goals, resulting in a 41% increase in employee retention within their diverse population, an outcome that is quite common for MentorcliQ customers.
Phil George, MentorcliQ CEO says, “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.”
Earlier this year, MentorcliQ also announced its first acquisition of mentor training and talent development company TERP Associates. Columbus, Ohio-based MentorcliQ plans to more than double its number of employees over the next 18 months, expanding its investments in product innovation, market development, and customer success.
MentorcliQ is a relationship-based employee development platform that drives employee retention by connecting employees with the right person to help them excel at their company and in their career. MentorcliQ is proudly improving the global workplace for over 2 Million employees in large and mid-sized companies. Companies rely on MentorcliQ to power their employee development strategy through mentoring in over 100 countries. For more information on MentorcliQ, please visit: https://mentorcliq.com.
About Plymouth Growth Partners
Plymouth Growth Partners invests in growth stage businesses throughout the Great Lakes region. With over 100 years of combined investing experience and approximately $150 million under management, Plymouth takes a flexible approach to partnering with management teams, helping to drive growth and build value. Plymouth focuses on B2B product and services companies that have scalable technology and proven growth. Based in Ann Arbor, Michigan, Plymouth Growth Partners is actively investing out of its fourth fund. For more information on Plymouth Growth Partners and its investments, please visit www.plymouthgp.com.