The move which follows three successful investment rounds led by Cain International. The privately held investment firm operating in the United States and Europe, has raised a total of $42million in funds for the business, marking a significant gear change in AllBright’s ongoing mission to become the leading global career network for women.
AllBright was co-founded in 2018 by Debbie Wosskow OBE, former CEO of Love Home Swap (sold to Wyndham Destination Networks for $53m in 2017) and Anna Jones, former CEO of Hearst, with clubs for women based in both London and Los Angeles.
The Grace Tales acquisition is the first in a number of upcoming deals which will build AllBright as a global brand, with growth opportunities cited in Canada, India and the US. This roll up strategy is part of the business’ push to promote female resilience, with a recent UN Women report suggesting the impact of the pandemic puts women’s progress back by a generation.
Recent reports show, says AllBright, there’s never been a more needed time to connect like-minded women, with female employment 19% more at risk than men’s, and 40% of all employed women working in sectors most affected by the pandemic. Despite these results, recent reports from AllBright highlight that 61% of its members are planning a complete career-pivot, with 1 in 4 planning to set up their own business, nodding toward a renewed sense of optimism within its community.
Commenting on the acquisition and AllBright’s response to the pandemic, AllBright co-founder Debbie Wosskow said, “The last year highlighted the ongoing challenges women continue to face but also how the crisis has acted as a catalyst for positive change. The Grace Tales acquisition allows us to further invest in rich content opportunities to promote our mission of female resilience, and upskill and support our community at scale.”
The Grace Tales founder, Georgie Abay, said, “Joining forces with such a like-minded company as The AllBright was a very natural next step for The Grace Tales. From online education to daily events to brilliant content, AllBright’s membership offering is truly unique and I am so excited to introduce it to our audience. As an entrepreneur, being part of the AllBright community has really helped me to feel connected and grow, which is why I am so excited to bring AllBright’s incomparable offering to Australia.”
CEO of Cain International, Jonathan Goldstein, said, “Since Cain International’s initial investment in 2017, we have watched with pride as Debbie and Anna have built both physical and digital environments to inspire working women to achieve their goals and provide them with the tools to do so. We are thrilled to be backing the next phase of growth for this brilliant business and look forward to supporting the execution of AllBright’s vision as it expands its global reach.”
Keep up-to-date with publishing news: sign up here for InPubWeekly, our free weekly e-newsletter.