MyVillage Closes $6M Seed Round to Expand In-Home Childcare
We’re pleased to announce that Better Ventures portfolio company MyVillage has closed a $6M seed round, led by Acumen America. Better Ventures participated in the oversubscribed round, which also included new investors Red Sea Ventures, Kairos, and Atlassian Foundation and existing investors Jasmine Social Investments and Impact Engine. Bozeman, MT-based MyVillage is building a national franchise network of high-quality in-home childcare programs with a focus on community, early-childhood development, and gainful employment for providers.
Since the time of our pre-seed investment in late 2017, the company has made tremendous progress, growing their network from zero to over 30 providers in Montana and Colorado, laying the legal groundwork to scale nationally through a franchise model, and expanding the team to 17. One of the biggest challenges in this market is scaling while keeping quality high (as illustrated by the well-publicized challenges at Care.com), which is exactly where the MyVillage team is focused. Co-founders Erica Mackey and Beth Szymanski are just the women to tackle this problem - both moms with young kids who have years of high-growth entrepreneurial experience under their belts, including Erica’s work scaling Zola Electric (formerly Off-Grid Electric) in Sub-Saharan Africa.
MyVillage’s unique approach to the scale plus quality challenge is their focus on community and mentorship to create new programs (rather than simply attracting existing ones to their platform) in this huge market where demand far exceeds supply. MyVillage mentors, who themselves are providers, work with new providers to walk them through the licensing process, get their homes set up, and market their programs to new parents. Mentors continue to engage post launch to provide moral support and help with challenges that arise. With a program NPS of 98 thus far, MyVillage is poised for success in this rapidly evolving market, and we’re excited to see what’s next with this new infusion of capital.
Published on April 16, 2019.