Springboard raises $31 million to expand its mentor-guided education platform to more geographies
Springboard, an online education platform that provides upskilling and reskilling training courses to people looking to learn in-demand roles, has raised $31 million in a new financing round as it looks to expand to more geographies.
The Series B financing round for the San Francisco-headquartered startup was led by investment firm Telstra Ventures . Vulcan Capital and SJF Ventures, as well as existing investors Costanoa Ventures, Pearson Ventures, Reach Capital, International Finance Corporation (IFC), 500 Startups, Blue Fog Capital, and Learn Capital also participated in the round, said the seven-year-old startup, which has raised more than $50 million to date.
Springboard offers a range of six-month and nine-month courses on data-science, design, coding, analytics and other upskilling subjects to help students and those who are already employed somewhere land better jobs.
The startup, which expanded to India last year, also connects students with mentors — people who are working at Fortune 500 companies — to guide them better navigate professional decisions, Vivek Kumar, Managing Director at Springboard, told TechCrunch in an interview.
Startups offering upskilling courses have gained traction in recent years as companies across the globe complain about not being satisfied with a large portion of the undergraduate students who are applying for a job with them.
In many markets like India, one of the global hubs for tech consulting firms, it has become a common sight for several major IT giants to spend months in retraining their new hires. Moreover, the coronavirus pandemic has resulted in elimination of tens of thousands of additional jobs.
Springboard offers these courses at customized price points to students based on where they live. For instance, a nine-month course that sells for around $7,500 in the U.S., is priced at $3,300 in India, explained Kumar.
“Technology used to be a niche area but that’s no longer the case. As more and more companies are built on tech, the need to understand concepts like Data Science, AI, ML, UI/UX has become more homogenous. For learning to be meaningful, it needs to encompass state-of-the-art curriculum with real-world projects as well as mentorship and that is what Springboard stands for. With this funding we are in a good position to build on our strengths to provide in-demand job skills and holistic support at every step,” he said.
This is a developing story. More to follow…