The Riverside Co. announced the acquisition of San Francisco-based software developer PeopleGrove, which is described as a provider of career mentoring and alumni engagement software used by higher education institutions.
Financial terms of the deal were not disclosed.
The investment will broadly support the company‘s next phase of growth by helping it meet “increasing demand for ongoing professional support among students, recent graduates and seasoned alumni,” according to Riverside.
The platform would be accessible to more than 20 million students and alumni at 100 universities. The company says it has installed “nearly” 1 million mentoring relationships since its inception in 2015.
“We launched PeopleGrove to ensure that all students and alumni, regardless of background or experience, have access to the network and support they need to achieve their career goals,” said PeopleGrove CEO Adam Saven. , in a press release. “We have made great strides in this mission, but there is still a lot of work to do. With Riverside’s capital and expertise, we will move faster, ensuring we are the leading platform for accessing careers .”
PeopleGrove has so far raised $8.9 million over its lifetime, according to Crunchbase, which includes a $1.7 million venture funding round completed in May 2021.
“Riverside’s investment will also allow the company to continue to invest in product development so that PeopleGrove’s solution can expand to further meet the mentoring, networking, and career development needs of an institution. higher education,” Riverside senior partner Joe Manning said in a statement. “Additionally, we are excited to work with management on pursuing strategic acquisitions and other growth opportunities that can help expand the suite of products available to PeopleGrove customers, students, alumni and corporate partners. .”
Riverside is a Cleveland-based global private equity firm that invests in growth companies worth up to $400 million in the small segment of the middle market.