hone Raises $16M to Revolutionize Leadership Training

The Growing Importance of Employee Development

With the ongoing Great Resignation, companies are actively seeking innovative strategies to improve employee retention. A prominent approach currently gaining traction involves enhancing opportunities for personal development and career growth for their workforce.

Introducing Hone: A New Approach to Leadership Training

Hone, a startup supported by Cowboy Ventures, is dedicated to addressing this need. The company recently announced the successful completion of a $16 million Series A funding round.

Funding Details

This funding round was spearheaded by F-Prime Capital, with significant participation from Cowboy Ventures, NextGen Venture Partners, Slack Fund, Gaingels, and SemperVirens.

Hone's Core Offering: Live Leadership Training

Hone specializes in providing leadership training to organizations through live, interactive online classes facilitated by experienced coaches.

New participants begin with an intensive four-week bootcamp, covering topics strategically chosen by the company. Following completion, they gain continuous access to Hone’s diverse range of classes throughout the year.

Why Live Training Matters

While certain corporate training areas, like security and data protection, can be effectively delivered through self-paced modules, other skills demand a more interactive approach.

Specifically, navigating difficult conversations, providing effective employee coaching, and fostering discussions on diversity and inclusion require robust communication skills and strong interpersonal abilities.

A Practical and Accessible Platform

Hone’s platform equips managers with the necessary tools and provides a safe space to practice these skills. This eliminates the need for costly, time-consuming in-person conferences that often lack sustained impact.

Furthermore, the software simplifies scheduling across various locations and time zones, accommodating today’s increasingly distributed workforces. This allows senior leaders to concentrate on core business objectives.

A Competitive Landscape

The market for personal development and leadership training has experienced substantial growth in recent years. Companies like Chief, Medley, and Inclusivv are also making significant strides in this sector.

Challenges and Future Growth

“A major hurdle is keeping pace with the current demand,” explained co-founder Savina Perez. “We’re seeing interest from global organizations, so ensuring we can deliver effectively, including localization and translation, is a key focus.”

Co-founder Tom Griffiths highlighted the complexities of scaling a business reliant on significant human interaction, compared to a typical SaaS product.

Impressive Growth Metrics

To date, Hone has secured over 100 organizational clients, representing a 400% year-over-year growth rate. The company currently conducts 300 classes monthly and employs a team of 30 individuals.

Notably, 50% of the Hone team identifies as female, and 43% are people of color.