7GC Leads The Mom Project’s $25M Series B
On July 1st, The Mom Project announced a $25 million Series B funding round led by 7GC with Jack Leeney joining the Board of Directors.
Additional investors include Citi Ventures, Synchrony Financial, and Walton Enterprises, alongside existing investors Initialized Capital, Grotech Ventures, and OCA Ventures. On the opportunity, 7GC founding partner, Jack Leeney, remarked to TechCrunch:
“There is a material disconnect between senior female talent and executive roles at major corporations, not for lack of interest, however the difficulty to institutionalize in large enterprise. The Mom Project’s platform enables corporates to source, onboard and manage variable labor at the highest skill level, a function historically which has been offline and manual for FTEs and even more so difficult for flexible employees.”
Founded in 2016, The Mom Project is a career marketplace that aims to connect women, including moms, with jobs at small businesses and family-forward leading brands. Since its Series A, the company has grown to 275,000 users (up from 75,000), and doubled the number of organizations posting jobs on the platform to 2,000, including several major tech companies and other brands like Facebook, Nike, Uber, Apple, Google and Twitter. The company is committed to building a better workplace by harnessing the oft-overlooked intellectual workplace power of moms.
The funding comes amidst a critical period for those seeking employment in the country: recent events have had a huge impact on employment trends and the recruitment industry. There have been unprecedented job losses, hiring freezes, and a push for more remote work. This represents a simultaneous challenge and opportunity for The Mom Project.
In a company press release, Allison Robinson, Founder & CEO of The Mom Project, commented:
“We’re in a unique moment in time where companies are embracing flexible work and prioritizing inclusion, and the moment is right to rapidly accelerate our efforts to unlock the potential of moms in the workplace. We’ve proven to our customers that hiring and retaining moms isn’t just a nice thing to do. It’s good business, and we’re empowered by the scale of impact we can achieve with this round of funding.”
The Series B round brings The Mom Project’s total funding to $36 million, and the new funds will be used to improve capabilities for both the employer and candidate stakeholders that the two-sided platform is built to serve.
On the employer side, the startup works with businesses to post job listings that specifically target women and those returning to work who might need more flexible terms in their employment engagements, as well as analyze its overall HR strategies around those efforts.
On the candidate side, it provides a platform to women who fit that basic profile – the average age of its users is between 28 and 44 – providing them both with job listings and other support.
The plan for the funding will be to enhance both aspects of the business: more tools for employers to better engage The Mom Project’s community, as well as manage the recruitment and employment of people better; and more tools for candidates, including building out an interactive community via forums.
7GC founding partner, Jack Leeney, is optimistic on The Mom Project’s ability to execute these goals and capitalize on the strategic niche that it has carved out for itself:
“In our diligence, the value add to senior HR managers of an analytic platform which enables the oversight of a variable work force was the single most important factor to integrating The Mom Project. There is no other growth company, digital HR company or large talent agency that is addressing the female exec population with an enterprise grade solution.”
Deal related press:
TechCrunch: The Mom Project raises 25m for its job site aimed at women returning to work
Cheddar: (Video) The Mom Project Raises $25M in Series B Funding
