COLUMBUS, Ohio--(BUSINESS WIRE)--MentorcliQ, a leader in employee mentoring software, today announced a strategic growth investment of over $80 million from PSG, a leading growth equity firm partnering with software and technology-enabled services companies to help accelerate their growth. The new funding includes participation from existing investors Rev1 Ventures and Plymouth Growth. This brings MentorcliQ’s total capital raised to over $100 million, a significant milestone in the rapidly-expanding mentorship technology market.
MentorcliQ supports enterprises globally in launching and maintaining high-impact employee mentoring programs aimed at strengthening the foundation of an organization’s infrastructure – its employee base. Amid recent market triggers, including “the Great Resignation” and challenging economic conditions, organizations are posed with macro-level challenges regarding employee retention, strengthening their sense of belonging, and workplace engagement rates. MentorcliQ clients are moving confidently through these challenges because they are leveraging a proven methodology to offer employees an inclusive culture through mentoring that leads to increased employee engagement, development, and ultimately retention. Employees who participate in mentoring programs powered by MentorcliQ are twice as likely to be promoted. Companies who leverage MentorcliQ experience up to a 90% improvement in employee retention for those employees who are mentored.
Miriam Lewis, Chief Inclusion Officer at Principal Financial and MentorcliQ’s 2022 Diversity Changemaker of the Year, stated that, “Mentoring is one of the key ways to enhance collaboration, develop staff and retain institutional knowledge. Our global mentoring program spans 17 countries and has cast a long shadow. It is beneficial from both a professional and personal perspective, which includes helping our employees think more strategically, work inclusively, and navigate careers and unprecedented times. Behind every successful employee is a mentor.”
“As organizations increasingly focus on building inclusive cultures, creating diverse teams and enhancing recruitment and retention efforts, we look for the adoption of mentorship software to accelerate significantly in the coming years,” said Bill Skarinka, Managing Director at PSG. “MentorcliQ has created a highly differentiated product offering and exhibited significant leadership in the mentorship technology space. We are excited to partner with the MentorcliQ team and support their mission of innovating and positively impacting the employee experience,” added Chris Nesbitt, Principal at PSG.
With the new growth investment from PSG, MentorcliQ plans to focus on:
- Accelerating innovation of products & services as MentorcliQ continues to deliver a leading solution in Employee Mentoring Software.
- Expanding Diversity, Equity, Inclusion, and Belonging offerings to meet the evolving demands of enterprises that support a more inclusive employee experience for all employees.
- Increasing the current MentorcliQ team of 120+ employees to meet the rising demand of Fortune 500 companies, 92% of which are actively mentoring their employees.
“We are thrilled to partner with PSG to accelerate innovation, improve mentoring for our clients, and to leverage PSG’s expertise in mergers & acquisitions to expand our offering as we have with previous acquisitions of River Software and TERP Associates. With this new PSG partnership, we will aim to accelerate a better employee experience for millions of employees worldwide and help enterprises to better engage, develop and retain their diverse talent,” said Phil George, CEO of MentorcliQ.
About MentorcliQ
MentorcliQ is a leading employee mentoring software. Its enterprise platform and mobile app leverages scientific matching and an award-winning approach to consistently deliver results to its global clients. MentorcliQ powers innovative talent strategies for global Fortune 500 and DiversityInc Top 50 organizations who are building inclusive cultures and delivering unmatched employee engagement, development and retention through mentoring. With an established record of delivering high-quality program experiences, MentorcliQ’s results-driven approach combines cutting-edge technology with mentoring best-practice expertise to improve employee engagement and increase employee retention by as much as 75 percent, allowing its clients to fulfill their global talent strategies. To learn more about how MentorcliQ can help deliver results to your organization, visit https://www.mentorcliq.com/.
About PSG
PSG is a growth equity firm that partners with software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities and build strong teams. Having backed more than 115 companies and facilitated over 420 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology, and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City, London, Paris, Madrid and Tel-Aviv. To learn more about PSG, visit www.psgequity.com.