A Melbourne startup bringing mentoring online just raised $725,000

Lucy Lloyd (L) and Heidi Holmes of Mentorloop. Image: Supplied

Mentorloop, a cloud-based platform taking mentoring online, announced a $725,000 oversubscribed round from Blackbird Ventures, Rampersand and Tempus Capital.

This brings the total to more than $1 million raised for the platform which enables organisations to build effective mentoring programs.

The initial $300,000 came from private investors including the director of StartupAUS, Glenn Smith, and angel investor group, Melbourne Angels.

The business, started in 2014 Heidi Holmes and Lucy Lloyd, who both went to the same high school in regional Australia, now has recurring revenue of $20,000 a month and eight staff.

“We’ve had a great year of growth and this raise was really about being able to build up the team and the product further,” says Heidi Holmes.

“We can continue to support our existing clients as well as to expand into new markets.”

The founders are also looking forward to the mental capital being brought to the table by the VC funds.

The current 28 clients across the US, Australia, the UK, Canada and Asia include RACV, TAL Insurance, oOh Media!, the Australian Olympic Committee and Monash University.

For Holmes, this is her second startup. Last year she sold her mature age jobs board Adage to online job network OneShift for an undisclosed sum.

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