Mentorloop

About

Mentorloop provides a SaaS platform that helps organisations design, launch, manage and measure mentoring programs, automating admin workflows and tracking mentor-mentee engagement across enterprises and institutions.

Mission

Founded in 2016 by Lucy Lloyd and Heidi Holmes, Mentorloop provides a software platform that enables organisations to start, run and measure mentoring programs, reducing admin and people costs. The platform is used by clients across Australia, the US, the UK, Canada and Asia and counts 28 clients across four continents, including RACV, the Institute of Public Accountants, TAL Insurance, the Australian Olympic Committee and Monash University. Mentorloop reported revenue growth of 500% in 2017 and says 92% of mentors and mentees want their organisations to continue using the platform. The company charges roughly $25 per employee per year compared with average organisational L&D spend of $1,208 per person per year, positioning itself as a low-cost development tool. The team is currently nine people, and the company says the latest funding will be used to continue product development and grow the team to deliver better mentoring experiences. Mentorloop graduated from the Startmate accelerator program (affiliated with Blackbird Ventures) earlier in 2017. Mentorloop, a Melbourne startup, has closed a seed funding round that places its post-money valuation at AU$2 million (about $1.52M). The article does not provide the cash amount raised or details of participating investors. No information on the company’s product, user metrics, revenue, or future plans was included in the coverage. The primary financial detail reported is the post-money valuation. The same report also notes Investible launched a First Angel program, but that item is separate from Mentorloop’s financing. Further disclosure would be required to assess capitalization, investor composition, or runway.

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