Ed-tech start-up Springboard raises $11 million
Springboard, a San Francisco-headquartered company that provides career upscaling solutions with courses for data science, design, analytics, etc, has raised $11 million in post-Series A funding round. The investment was led by Reach Capital but also saw participation from Pearson Ventures, International Finance Corporation (IFC), and existing investors Costanoa Ventures, Learn Capital as well as Blue Fog Capital. Here are the finer details.
First, a bit about Springboard and its work
Founded in 2013 by Gautam Tambay and Parul Gupta, Springboard is an ed-tech start-up offering online courses in cutting-edge career paths such as data science, design, analytics, marketing, and cybersecurity. The company recently partnered with Microsoft to train and place as many as 5,000 students for analytics jobs in the next three years, it has also set up an office in Bengaluru.
'Programs designed to help people achieve their full potential'
Speaking to media about the latest fund-raise, Vivek Kumar, the Managing Director of Springboard India, emphasized on the effectiveness of their programs. "Working professionals have to significantly upskill or re-skill every 3-5 years to advance in their careers," he said, adding that their "industry-designed programs combined with in-depth, one-on-one mentorship and career guidance enable people to achieve their full potential."
How will they utilize the fresh funds?
Talking about future plans, Kumar said that Springboard would deploy the fresh funds to increase its footprint in India, expand its product portfolio, and launch more courses on design and software engineering. Beyond that, the start-up will also invest the capital to increase its headcount from the current 130 to about 200 in the upcoming quarters and enhance its technical infrastructure.
Springboard has raised over $20 million so far
Before this investment, Springboard had raised a Series A funding of $9.5 million led by Costanoa Ventures in December 2017. Besides that, the company had also received a $1.7 million seed funding in 2015. And, with the inclusion of this round, the total amount raised by the ed-tech start-up now stands at more than $20 million.
