Israeli startup GrowthSpace, which has developed a platform for employee development programs, announced on Wednesday that it has secured a $15 million Series A investment round. The financing was co-led by M12, Microsoft’s venture fund, and Vertex Ventures. This latest round of funding, which also included previous investor M-Fund Club, brings GrowthSpace’s total amount raised to $19 million.
GrowthSpace has developed a technology that provides a personalized development program for employees. The system matches employees and experts after understanding their business goals and professional challenges. The company said it has over 1,000 coaches, mentors, and professionals speaking a variety of languages with expertise in 300 different skills. The company’s business model is based on an annual subscription that includes a certain amount of credits, with each credit being equal to one personalized development program for an employee which includes 5-7 meetings with an expert. The cost per credit drops as the subscription program grows.