Mentoring App Mentorloop Raises AUD $1 Million

Mentoring app Mentorloop has raised AUD $725,000 in a seed round, bringing their total amount of funding to AUD $1 million.

The round featured venture capital firms Blackbird Ventures, Tempus Partners and Rampersand.

The app allows businesses to reach out to potential tutees, who answer tailored questions (many of which are unique to each client).

Once users are matched, there are a number of tools for goal-setting, andf for tracking the success of each stewardship.

The company believes that these tools can be useful in a diverse range of scenarios, from helping students through university to assisting in the succession of government positions.

Mentorloop plans to use the funds to accelerate growth, and to build a partnership with the Australian Olympic Committee.

The Committee will use Mentorloop to help Australian Olympians move into new careers as they leave competition.

Co-founder Lucy Lloyd said of the app: “We prefer not to think of ourself as the Tinder of mentoring but the eHarmony, there is a little bit more smarts in it than what someone looks like,”

Paul Naphtali, managing partner at Rampersand, weighed in on what makes the app attractive to investors: “the platform covers off the two biggest fail points in mentoring programs; how do you connect the right people together and how do you ensure the business continues to run?”

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