Heidi Holmes and Lucy Lloyd, co-founders of startup Mentorloop, have just raised $300,000 to further develop their cloud-based platform taking mentoring online.
The cash comes from a mix of private investors including the director of StartupAUS, Glenn Smith, and angel investor group, Melbourne Angels.
Heidi and Lucy both grew up in regional Victoria, went to the same high school and became life-long friends.
Now aged in their 30s and living in Melbourne, they started building Mentorloop in 2014 when they both were making career changes and couldn’t easily get the advice and experience needed to grab the next opportunity.
“Mentorloop is a fit-for-purpose application designed specifically to support the modern day mentor relationship,” Heidi Holmes told Business Insider. “Think of it as your mentor in your pocket.
“It makes sense to interact with a mentor online because 24/7 access to great mentors encourages you to stay motivated and driven at work and to continue to grow and develop in your role.”
Customers for Mentorloop include Startup Victoria, Australia’s national biotech body, AusBiotech, the Government of Western Australia, Monash University, the Australian Academy of Technological Sciences and Engineering (ATSE) and Sydney and Melbourne Water.
The latest funds raised will go into product development with a focus on mobile and developing Mentorloop’s machine-learning algorithm.
Up to now, Mentorloop has been funded by the two founders. It is a subscription service with rising fees based on the number of users.
Holmes, who has an accounting and marketing background, says the startup space was quite a lonely one in 2011. Her co-founder Lloyd is a digital marketing strategist.
“Entrepreneurialism was not as talked about,” she says.
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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