London-based 5Mins, a gamified learning platform for employees, announced on Monday that it has secured €5.7M in a Seed round of funding led by AlbionVC.
Other investors, including Chalfen Ventures, Portfolio Ventures, Blue Lion Global, Edenred Capital Partners, and notable angel investors, also participated in the round.
5Mins says it will utilize the capital injection to further develop its platform capabilities, such as skill analytics, API integrations, and the learning marketplace, and increase its global customer base and impact.
Saurav Chopra, who previously co-founded the employee engagement platform Perkbox, established 5Mins to make online corporate learning courses more engaging and fun.
According to 5Mins, the online corporate learning course completion rates are significantly lower than traditional in-person learning, with a completion rate of only 5 to 20 percent.
Additionally, online platforms have lower monthly engagement rates, at less than 10 percent.
5Mins claims to have an average course completion rate of 85 percent and a monthly engagement rate of over 50 percent due to removing key friction points through its next-gen learning tool.
The upskilling platform does this by presenting workplace learning in a TikTok-style feed and uses intelligent personalization.
The company claims that since its inception in March 2022, more than 100,000+ lessons have been watched on the platform.
5Mins is now being used in 80+ countries, from scaleups such as Spenmo and Beam Mobility in APAC to Smart Pension and Cushon in the UK.
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