5Mins raises £5m in seed funding to reinvent employee upskilling
5Mins AI, the gamified learning platform reinventing employee upskilling, has raised £5m in a seed round led by Albion Capital to enhance platform capabilities and increase its global customer base and impact.
5Mins 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%, whilst monthly engagement rates are less than 10% for traditional workplace learning platforms. In businesses where employees are allocated individual learning budgets, less than 25% of these budgets are actually used.
5Mins’ next-generation learning tool removes these key friction points by presenting workplace learning in a TikTok-style feed and using intelligent personalisation. The platform features 15,000+ bite-sized lessons from over 150 educators and coaches worldwide. Since going to market in March 2022, more than 100,000 lessons have been watched on the platform and 5Mins’ annual recurring revenue has grown 20 times.
Saurav Chopra, co-founder and CEO at 5Mins, said:
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 super-app that companies of all sizes can use to upskill everyone, improve employee retention and drive innovation.
Nadine Torbey, Investment Director at Albion Capital, 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 experienced is 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 so thrilled to be partnering with him and the whole team to achieve this ambitious vision!