The Mom Project, the leading platform for moms to discover their economic potential, announced today an $80 million Series C funding round led by growth investment firm Leeds Illuminate. Additional participants include existing investors 7GC, Initialized Capital, OCA Ventures, Citi, High Alpha and Grotech Ventures alongside Silicon Valley Bank.
The Series C round represents the largest global investment ever made in female workforce technology.
“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 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 Allison Robinson, The Mom Project founder and CEO. “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 U.S. workforce—either through job loss or being forced to quit in order to care for their children—leading to the lowest levels of women in the labor force since the 1980s, prompting Vice President Kamala Harris to declare “a national emergency.”
The Mom Project has witnessed business leaders stepping up to the challenge, with companies identifying The Mom Project’s suite of hiring, upskilling and retention solutions as an effective way to solve pressing labor 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. We congratulate them on their new round of funding and look forward to our continued partnership.” Attributable to Toni Thompson, VP of People at Etsy.