Startup

5Mins, a startup that makes workplace learning fun in Tik-Tok style, gets £5.1M funding

5Mins

Based out of London, 5Mins AI is a gamified learning platform that enables workplace learning in a TikTok-style feed with personalisation, gamification, and social features. To utilise this opportunity, 5Mins has raised £5.11M in funding in a seed round led by AlbionVC (also invested in Ophelos and OutThink recently) with participation from Chalfen Ventures, Portfolio Ventures, Blue Lion Global, and Edenred Capital Partners.

The funding will enhance platform capabilities such as skill analytics, API integrations, and the learning marketplace and increase its global customer base and impact. To date, the company has raised £6.14M in funding.

Previously the company raised £1.04M in a pre-seed round in 2021.

Why 5Mins?

Saurav Chopra, the previous co-founder, and CEO of Perkbox- a European employee engagement platform with 5,000+ employer clients- founded 5Mins in 2022. The UK tech strives to provide SMBs and mid-market companies with an opportunity to improve employee learning and development.

Further, the company aims to solve the number one cause of employee churn in the last decade – poor growth and development opportunities.

Online corporate learning course completion rates are between 5 to 20%, while monthly engagement rates are less than 10% for traditional workplace learning platforms.

By removing key friction points, 5Mins has an average course completion rate of 85% and a monthly engagement rate of over 50%.

However, in businesses where employees are allocated individual learning budgets, less than 25% are used due to time constraints and poor guidance on what employees need to learn.

While SMBs and Mid-Market companies may not have the Talent Development budgets big corporates will have, 5Mins can give them the most effective L&D tools to keep their employees fully engaged and retain them for longer.

Saurav Chopra, co-founder, and CEO at 5Mins, says, “Our mission is to help companies build a learning culture so their people can unlock their true potential, and we have come a long way in a short period of time. We are building the first global learning superapp that companies of all sizes can use to upskill everyone, improve employee retention and drive innovation.”

TikTok of workplace learning

5Mins’ next-gen learning tool presents workplace learning in a TikTok-style feed using intelligent personalisation. With gamification and social features, 5Mins gets employees and teams to stay engaged in learning.

HR and L&D teams can treat each employee individually and automatically offer personalised learning paths to employees that easily fit into their daily schedules, five minutes at a time.

5Mins says science-backed learning methods such as chunking, spaced repetition, and active recall are embedded in the product to boost long-term learning effectiveness and knowledge retention.

The company claims to feature 15,000+ bite-sized lessons from 150+ educators and coaches worldwide, covering 100+ essential technical skills and power skills for the workplace. Since its inception, more than 100,000+ lessons have been watched on the platform. Based on a user’s learning interests, the platform recommends deeper learning options such as courses, books, and coaching through its marketplace.

As a result, the company claims the annual recurring revenue has grown 20x. Employees now use 5Mins in 80+ countries from customers that include fast growth scale-ups such as Spenmo and Beam Mobility in APAC to Smart Pension and Cushon in the UK.

The 5Mins team

Currently, the company employs around 20 people, of whom two are women, and three are non-white ethnicity. Even though the HQ is in London, half of the team is located across Europe, Central, and South America, bringing together a diverse range of talents and nationalities.

Nadine Torbey, Investment Director at AlbionVC, said, “5Mins sits at the crossroads of two massive shifts: employee engagement on one side and ‘TikTokisation of everything on the other. The impressive commercial momentum and next-level user engagement the company has been experiencing in a short time is a testament that the market is craving more personalised, engaging learning tools. Saurav has a lot of experience in the space, which makes him uniquely well-placed to disrupt this large broken market. We are thrilled to partner with him and the whole team to achieve this ambitious vision!”

Further, Jo Bean, Chief People Officer at Cushon, added, “5Mins helped my team to deliver efficiently on our L&D goals and has driven the whole company to learn. It’s great to see our employees owning their learning journeys, so they can develop how they want to, on their career trajectory.”

He concluded, “5Mins helped my team to deliver efficiently on our L&D goals and has driven the whole company to learn. It’s great to see our employees owning their learning journeys, so they can develop how they want to, on their career trajectory.”

A gamified educational platform is an online learning environment that uses game mechanics to teach academic concepts and skills, making it an ideal way to promote continued education. The gamification elements can include points, badges, leaderboards, and virtual currencies.Research has shown that they can be effective in helping students learn and can help motivate students to stay engaged with their studies.

A report from Future Market Insights reveals that Gamification in the Education market is projected to record more than a 30% growth rate during the forecast period and is expected to reach $2B by 2031. Traci Sitzmann’s study showed that games are incredibly powerful teaching tools, increasing performance and skills development by 20%.

With this in mind, it’s no surprise that the adoption of gamification tools in education systems is expected to rise in the coming years, driving market growth.

The post 5Mins, a startup that makes workplace learning fun in Tik-Tok style, gets £5.1M funding appeared first on Tech Funding News.

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