A funding infusion from a leading Kansas City venture capital firm comes at a critical time as employees struggle to connect in a hybrid work world, said Ten Thousand Coffees (10KC), announcing its first institutional raise since the company’s 2014 formation in Toronto.
Originally bootstrapped, 10KC will use the $56 million investment from Five Elms Capital to scale its all-in-one mentoring, employee connectivity, and skills development solutions. The company’s offerings already are used by such leading brands as Nike, GE, and PwC.
“As an LGBT+ entrepreneur who grew up in a small, rural town, I experienced firsthand that connections and mentors were critical to opportunities and belonging. That’s why we built 10KC,” said Dave Wilkin, CEO and co-founder of 10KC, referencing his upbringing in Lively, Ontario. “Since inception, it’s been our mission to use technology to build more inclusive work environments and this funding from Five Elms Capital reinforces the need for connectivity in a hybrid, decentralized world.”
Click here to check out 10KC’s investor deck.
A recent global workforce survey found that only 21 percent of employees are engaged at work, leaving many individuals feeling like they don’t find their work meaningful and are not hopeful about their future, according to 10KC.
Using its six proprietary solutions, 10KC’s platform helps organizations build, manage, and measure an employee’s experience from start to finish. Along with fostering skills development, 10KC aids in driving important initiatives like inclusion and belonging to maintain human connections, even in remote work settings.
“Hybrid and decentralized work is here to stay and, as a result, employers can’t ignore the lack of connection employees are feeling,” said Stephanie Schneider, partner at Kansas City-based Five Elms Capital. “Organizations of all sizes need a winning mentoring and employee connection solution to meet their engagement, diversity, and retention goals in this new world of work. 10KC is a market leader in this category and will now be able to bring their top-tier solutions to every organization.”
Click here to explore Five Elms’ portfolio, which focuses on “world-class software businesses that users love.”
The funding is expected to be used primarily to build out 10KC’s product roadmap and further scale the company’s solutions globally. Specifically, the investments will go toward strengthening product integrations and advancing solutions including onboarding, DEI, and leadership development. The team also plans to further invest in its own company culture and accelerate hiring efforts to include additional sales roles and hire a vice president of marketing.
10KC already works with 200 of the world’s leading businesses and social impact organizations, boasting a 120 percent net client retention rate and a 98 percent match quality score, the company said.
Click here to learn more about 10KC.
This story is possible thanks to support from the Ewing Marion Kauffman Foundation, a private, nonpartisan foundation that works together with communities in education and entrepreneurship to create uncommon solutions and empower people to shape their futures and be successful.