Springboard Raises $31M in Series B Funding
Right this moment, we’re excited to share that we’ve got reached an vital milestone in Springboard’s journey. Springboard has raised $31 million in Series B funding, bringing our whole capital raised to greater than $50 million.
We have been within the lucky place of selecting the traders we work with. We’re delighted to welcome a gaggle of achieved traders with the long-term imaginative and prescient required to create profitable outcomes in training: Mark Sherman and Albert Bielinko from Telstra Ventures, Arrun Kapoor from SJF Ventures, and YB Choi from Vulcan Capital. Most of our current institutional traders additionally participated within the spherical, together with Costanoa Ventures, Attain Capital, Pearson Ventures, IFC, 500 Startups, Blue Fog Capital, and Study Capital — we’re grateful for his or her continued perception in our mission.
What does this imply for Springboard?
We began Springboard seven years in the past with a dream to remodel training. The journey up to now has been extra rewarding than any of us might have imagined. We’ve seen that by our Profession Monitor applications, Springboard just isn’t solely reworking training—we’re additionally reworking lives.
The newest spherical of funding raised will allow us to double down on scholar employability in response to the present job market by creating new hiring-focused merchandise and strengthening employer partnerships to assist our graduates land their dream careers.
That is extra important now than it has ever been. We’re in the midst of the most important world labor market shift in over a century; tens of millions of displaced employees are actually seeking to make the tough transition into new, in-demand careers. Our remote-first, mentor-guided mannequin is uniquely positioned to serve not solely these people but in addition universities and employers who need assistance navigating as we speak’s new financial actuality.
How is Springboard completely different?
Since Springboard was based in 2013, we’ve got pioneered a studying mannequin that has enabled 1000’s of profitable profession transitions into probably the most in-demand know-how fields by way of our 100% on-line, job-guaranteed applications. In contrast to most on-line studying firms, we give attention to employability—this merely means we assist our graduates to get employed. Since Springboard was based, 94% of our eligible graduates secured a job inside one 12 months, incomes a median wage improve of $26,000.
All through this time, our distinctive energy has remained the identical: our human-centric method to studying. We match every scholar 1:1 with a personalised mentor—an trade skilled working of their chosen area—who supplies weekly suggestions to maintain college students motivated and accountable. This method has resulted in 330% scholar enrollment development from June 2019 to June 2020.
Merely put, we worth mentorship. Why? As a result of we all know altering careers is hard. We all know it means lengthy days, late nights, powerful deadlines, irritating setbacks, nagging self-doubt. We all know that is the actual street to development and success, and we need to be there alongside our college students each step of the best way.
How will Springboard higher serve its college students and graduates?
The brand new funding will assist us additional assist our job-seeking graduates. We’ve a number of thrilling new initiatives deliberate, together with a collection of progressive instruments that may assist our college students, together with:
- The Hireability Forecaster, a instrument that gives early indications of scholar success and potential employability roadblocks by combining the facility of Springboard’s predictive know-how and the insights from its world neighborhood of just about 1,000 trade mentors. With 80% of Springboard mentors indicating they might rent their mentee, mentors and coaches could have the power to point scholar achievement and intervene to course-correct if college students fall behind.
- Springboard Introductions, a instrument that provides Springboard college students customized, focused introductions, and job referrals from its neighborhood of over 13,000 mentors, alumni, fellow college students, and employer companions. Candidates who’re internally referred are 15 times more likely to be employed than those that apply on a job board.
- Scholar-Job Match Recommender, an AI-driven job matching instrument that recommends open roles at Springboard’s employer companions and helps match these to college students’ distinctive background and skillset.
Will Springboard additionally enhance its profession providers and assist?
Nice query! Furthering our dedication to scholar employability, we’re additionally increasing our profession providers. We’ve tripled the variety of digital apprenticeship alternatives to construct portfolio-worthy content material and supply real-world work expertise.
The profession providers staff has additionally grown its profession teaching capability by 4x to supply extra entry to workplace hours, mock interviews, and a staff of placement specialists assigned to every scholar. And, to supply extra assist through the job search, we’ve got additionally prolonged our skilled mentorship after program completion.
Within the coming months, we additionally plan to develop our course choices exterior the high-tech trade to incorporate extra expertise hole disciplines. (We not too long ago launched our new Data Engineering Career Track!)
We’re additionally seeking to deepen our partnerships with universities and employers—extra on that quickly! In the meantime, learn more about Springboard and our unique approach to learning and mentorship here.
In the beginning of 2020, because the Springboard staff kicked off the 12 months at our annual firm offsite in Thailand, we set ourselves an audacious 10-year aim: to remodel over a million lives by 2030. Right this moment’s announcement brings us one step nearer to that aim. We hope you may include us on this journey.
Parul Gupta & Gautam Tambay
Co-Founders of Springboard