Ten Thousand Coffees nabs $56m investment from Five Elms Capital

• The investment marks the first institutional raise since 10KC’s formation in 2014
• The proceeds will be used to build out 10KC’s product roadmap and further scale its solutions globally
• Five Elms Capital invests in B2B software businesses

Toronto-based Ten Thousand Coffees, a talent experience platform offering all-in-one inclusive mentoring, employee connectivity and skills development solutions, has raised $56 million in financing. The investor was Five Elms Capital.

The investment marks the first institutional raise since the company’s formation in 2014.

With a 120 percent net client retention rate and a 98 percent match quality score, 10KC works with 200 of the world’s leading businesses and social impact organizations to foster a stronger, more connected workforce.

The proceeds will be used to build out 10KC’s product roadmap and further scale its solutions globally. Specifically, the investments will go towards 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.

“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, a partner at Five Elms Capital, in a statement. “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.”

Based in Kansas City, Missouri, Five Elms Capital is a growth equity firm focused on investing in B2B software businesses.