The Mom Project, a platform for moms to discover their economic potential, has secured $80 million in Series C funding, led by investment firm Leeds Illuminate.
This investment represents the largest global investment ever made in female workforce development. Additional participants include existing investors 7GC, Initialized Capital, OCA Ventures, Citi, High Alpha and Grotech Ventures alongside Silicon Valley Bank.
“It’s long past time we stop underestimating and undervaluing mothers in the workforce,” said Stephanie Nieman, Managing Director at Leeds Illuminate. “We’re investing in The Mom Project because we believe the potential for continued growth within this business is extraordinary.”
The Mom Project is the leading platform for moms to discover their economic potential. Serving over 500,000 moms and 3,000 companies through its robust suite of hiring, education and retention solutions, The Mom Project is supporting mothers in finding success on their own terms. Allison Robinson, who founded the Chicago-based company in 2016, serves as CEO; and has raised $116 million in funding to date. Serena Williams joined The Mom Project as a Strategic Advisor in 2020 to further mobilise the mission. “I’m calling on CEOs, heads of people, and business leaders big and small. It doesn’t matter whether you’re a team of 1 or 100,000; if you’re hiring, are you considering hiring moms? Together, we can influence how work gets done; and build a better workplace for the future,” stated Williams.
INVESTING IN MOMS IS GOOD BUSINESS
The new funds will accelerate the company’s goal to connect moms on its platform with more than $1 billion in economic opportunity in the next two years; through investments in product development, distribution and team growth. “We’ve demonstrated to the market that betting on moms is good business,” said The Mom Project Founder and CEO, Allison Robinson. “We’ve seen 20x growth over the last three years; and are eager to leverage this momentum and the trust and equity we’ve earned with moms and our customers and partners to continue building and expanding the reach of category-defining solutions that reshape how work evolves to meet the needs of modern families.”
The investment comes at a crucial time for moms and their families; who were some of the hardest hit during the coronavirus pandemic. In 2020, 2.3 million women left the US workforce; either through job loss or being forced to quit to care for their children. This led to the lowest levels of women in the labour force since the 1980s; prompting Vice President Kamala Harris to declare “a national emergency”.
SOLUTION TO PRESSING LABOUR SHORTAGES
The Mom Project has witnessed business leaders stepping up to the challenge by using its suite of hiring, upskilling and retention solutions as an effective way to solve pressing labour shortages; while also addressing longer-term concerns around attrition, skill gaps and the need for greater diversity and empathy in the workplace.
“At Etsy, we firmly believe that strong caregiver offerings are not only good for families, but also good for business. While flexible policies are critical for creating an equitable experience, retaining employees and attracting talent, having the right support systems in place is equally important; and that’s where the Mom Project comes in. Through our partnership with them, employees can take their leave while knowing their teams have the resources necessary to continue serving our customers,” stated Toni Thompson, VP of People at Etsy. “We congratulate them on their new round of funding and look forward to our continued partnership.”
The Marshall Plan For Moms campaign and APCO Worldwide recently launched a new playbook to help employers finally make the workplace ‘work’ for working moms. Click here to read more.
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