Torch Secures $40 Million in Series C Funding to Expand People Development Product Capabilities
SAN FRANCISCO, May 23, 2022 (GLOBE NEWSWIRE) -- Torch, a leading people development platform that harnesses the power of trusted relationships to fuel employee growth and success, today announced a $40 million Series C financing round, led by 137 Ventures. It includes significant follow-on from Initialized Capital, along with full participation from existing investors including Norwest Venture Partners and Obvious Ventures. This round further validates Torch as a fast-growing platform meeting the needs of employers who are looking to give employees access to professional development opportunities and nurture talent aligned with their organization’s strategy and values.
“Torch’s mission has always been to use the power of trusted relationships to fuel professional development through one-on-one coaching, mentoring and group learning,” said Cameron Yarbrough, CEO and co-founder of Torch. “This additional funding will help us meet accelerating market demand by expanding our product capabiliies, ensuring strong partnerships with our customers, and scaling our operations."
Attracting and retaining strong talent has never been more mission-critical for business as the Great Resignation continues and more employees rethink their career goals and paths. Employees are increasingly seeking out opportunities to learn and grow within their organization, and employers that are able to meet this demand will succeed. In fact, large enterprises and existing customers like Reddit and Zendesk are turning to Torch to help them retain and grow talent, and build more inclusive workplaces through leadership development coaching. Data from Torch’s platform shows that employees who have had Torch coaching have a 38% higher retention rate and teams are 15% more engaged compared to their uncoached cohort.
"To be competitive in today’s job market, employers need to give job seekers what they want: opportunities to learn and grow within their organization,” said Nick Procaccini, Investment Partner at 137 Ventures. “We are incredibly excited to lead Torch’s Series C funding round. Torch is uniquely positioned as a true partner to its customers by helping them deliver coaching, mentoring, and collaborative learning that is strategically aligned with their company culture and values.”
“Employee retention is continually top of mind for employers as the world of work changes and people rethink what kind of companies they want to work for,” said Garry Tan, founder and managing partner of Initialized. “Torch’s platform allows companies to invest in their people at a scale and quality that was never before possible. That’s why I’m excited to continue to double down on our investment. I’ve known Cameron since he was my professional coach and trust in his vision and ability to scale this company, as demand for better leadership is clearly upon us.”
Since raising its $25 million Series B just last year, Torch has more than doubled its revenue and employee count year-on-year. The company has also grown its customer base by signing on new customers including Zynga, and has seen expanded business from existing customers like Zendesk, as it extends its solutions to a growing number of enterprise businesses.
As the company has scaled, Torch has continued to innovate and expand its product features to create a holistic people development platform, including through its merger with Everwise which added mentoring and an extensive mentor network to the platform’s learning and development product capabilities. In the last six months, Torch has also built out its executive team and Board of Directors with leaders from companies like Glint and Glassdoor.
To learn more about Torch, please visit www.torch.io.