MESH/diversity, the Moncton company that helps organizations measure and improve diversity, has raised a $950,000 equity funding round, including a $250,000 contribution from the New Brunswick Innovation Foundation.
This is the first time NBIF has invested in MESH/diversity. The other investors in this round are the Saint John investment group East Valley Ventures – which invested in the company previously – and a range of angel investors from New Brunswick and Ontario.
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.
“We are very excited with the momentum we are seeing this year -- we have added a number of new clients across North America,” said CEO Mike Wright in an email. “This investment will enable us to build on this momentum and continue to expand our client base, having our Diversity Intelligence Platform be adopted by even more organizations who understand the value of having a measurable and actionable D&I [diversity and inclusion] Strategy with a focus on Inclusion at the core.”
Since its launch in 2013, MESH/diversity has doubled its team, grown its revenue, and expanded its customer base. The company counts Southern New Hampshire University, LPL Financial, OSL Retail Services and Habitat for Humanity Canada among its clients.
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.
“Currently, there’s increased importance placed on equity, diversity and inclusivity which has created a new opportunity for solutions that create fairer hiring and human resources processes,” said NBIF Investment Analyst Daniel Hoyles in a statement. “We feel that MESH/diversity is uniquely positioned to address this.”
He added: “Rather than relying on personality profiles, MESH has distinguished itself from competitors by focusing their product on the behavioural makeups that actually drive belonging, inclusion and engagement in organizational cultures.”
MESH/diversity, which employs 13 people, plans to use the investment to expand its marketing team and execute its marketing strategy, said Wright. It will also be looking to add to its sales, client success, development and data science teams.
“Companies are increasingly recognizing the value of building inclusive cultures, and contrary to popular belief, you can’t simply hire your way there,” said Wright. “At MESH, we take a data driven approach to removing unconscious bias so our clients can build the cultures that they want.”
Disclosure: NBIF is a client of Entrevestor.