The Saint John-based company said in a statement that East Valley Ventures, an investment group also headquartered in Saint John, also invested in this round. East Valley and NBIF had invested in the company’s $950,000 round announced in September 2019, while Halifax-based Concrete is a first-time investor.
MESH/Diversity’s software helps organizations build a more diverse and inclusive workforce. Using predictive algorithms, its Diversity Intelligence platform measures an organization’s inclusiveness, and helps to implement improvements. The goal is to develop an inclusive culture in which the best people will want to work, stay and thrive.
“MESH/Diversity’s leadership is bringing the principles of behavioural science to bear on one of the top cultural challenges facing businesses around the world,” said NBIF Director of Investments Ray Fitzpatrick in a statement. “This scientific approach establishes baseline measures and guides organizations through the steps needed to create more diverse and inclusive workplaces. We are proud that this scientific approach to diversity is coming from a New Brunswick company.”
The company’s approach and philosophy follow the teachings of Chief Diversity Officer Leeno Karumanchery, who has more than 20 years of experience and expertise in the field. In an interview in June, Karumanchery said the mounting concern with racial issues throughout society this year had created increasing interest in MESH/Diversity’s work, and made it easier to get its message across.
“We have witnessed an increase in demand in our products and services as more and more organizations see the benefits and advantages of a metrics-based diversity and inclusion program,” said company CEO Mike Wright in an email. He added that the company, which now employs 13 people, has witnessed a 254% increase in revenues so far this year.
MESH/Diversity works with clients throughout North America, including Silicon Valley Bank, Intelisys, Southern New Hampshire University and OSL Retail Services.
The new funding will support product development, sales and marketing and customer success initiatives.
The company’s Software-as-a-Service platform helps companies to use employee data to develop actionable insights that ensure they are living up to their diversity ideals. This systematized approach to diversity and inclusion is necessary to address the unconscious system of attitudes and behaviours that shapes the culture in any organization, said the statement.
“Not only is MESH/Diversity tackling an important social issue, but they are also tackling a large business issue,” said Patrick Hankinson, General Partner with Concrete Ventures. “Workplaces that are diverse and inclusive can create a long-lasting competitive advantage by reducing employee turnover, sparking ideation to enter new markets and increasing overall productivity. Today's great leaders understand this and are investing in solutions like MESH/Diversity."