Employee Mentoring Software Lands $78 Million

hr tech funding news
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SEATTLE — Chronus, the leader in mentoring software, today announced that Level Equity, a growth equity firm based in New York and San Francisco, has made a $78 million investment to fund growth initiatives and accelerate Chronus’ ability to serve the needs of organizations looking to adapt their workforce to thrive in a more hybrid and inclusive future.

In what’s being dubbed “The Great Resignation,” at least 40 percent of the global workforce is considering leaving their employer this year, according to the “2021 Microsoft Work Trend Index,” which outlines findings from a study of 30,000 people across 31 countries. According to a survey by Prudential Financial, 80 percent of employees planning to quit are doing so because they’re “concerned about their career advancement.” Additionally, the workplace has undergone a major shift to a more hybrid model of working – one that shows no signs of reversing course. Because of this shift, the Microsoft Work Trend Index called out that “shrinking networks are endangering innovation.”

“Employees are demanding a new social contract with their employers that includes the ability to build their skills and advance their careers in a hybrid setting while ensuring that organizations are walking the talk around diversity, equity and inclusion,” said Seena Mortazavi, CEO of Chronus. “The workplace that existed pre-pandemic was not built for everyone, but the most forward-thinking employers understand that we have a unique opportunity to build a new model for the future that is more inclusive, equitable and adaptive.”

In a year that presented so many challenges to the world at large, Chronus found ways to continue to innovate for its customers and rise to meet the moment, bringing home a 2020 Brandon Hall Gold Award for “Best Advance in Technology for the Remote Workforce” for its virtual mentoring capabilities including Virtual Meet, an in-platform video conferencing solution, as well as key technology integrations. Chronus’ unique user experience puts the employee at the center of their mentoring relationships, and by integrating with today’s top workforce technology ecosystems, such as Microsoft Teams, Slack and Zoom, Chronus is able to drive the highest mentoring engagement rates in the industry.

With nearly 15 years of experience and the largest, most-diverse team in the industry, Chronus has helped organizations launch, manage, scale and measure mentorship programs that address critical business initiatives across the employee lifecycle such as employee retention, talent development and DEI (diversity, equity and inclusion). This partnership with Level Equity will help Chronus leverage its unique expertise in utilizing mentoring to grow inclusive, people-centered cultures that are future-ready.

“Well-run mentoring programs have proven to deliver invaluable benefits to organizations when it comes to employee engagement, retention, promotion rates, and overall improvement in culture,” said Charles Chen, Partner at Level Equity, who will join Chronus’ board of directors. “With the heightened importance placed on DEI initiatives and the evolving future of hybrid workplaces, it has never been more critical for organizations to develop strategies that foster inclusive and intentional cultures that put employees at the center. The Chronus team has developed a best-in-class mentoring platform that can be configured to meet the unique needs of any organization along the mentoring continuum. We are excited to invest in a company that is well-positioned to continue to be the industry leader in this rapidly growing market.”

Want to join the growing Chronus team? Explore our open positions.

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