Springboard, a mentor-guided online learning platform that prepares people for in-demand careers, has raised $31 million in Series B funding, bringing its total capital raised to more than $50 million.
This round was led by new investor Telstra Ventures, with participation from Vulcan Capital and SJF Ventures, and returning investors Costanoa Ventures, Pearson Ventures, Reach Capital, International Finance Corporation (IFC), 500 Startups, Blue Fog Capital, and Learn Capital.
Springboard launched India as its first geography outside the US in 2019 and has placed its learners in Fortune 500 and world-renowned companies such as Samsung, Salesforce, Visa, LinkedIn, Cisco. The latest round of capital will enable Springboard to double down on student employability in response to the current job market in India and globally, by creating new hiring-focused products and strengthening employer partnerships to help graduates land their dream careers.
“India is witnessing one of its toughest challenges owing to the recent job losses that have impacted a large section of the workforce. It is therefore imperative for displaced workers to make the difficult transition into new, in-demand careers,” said Parul Gupta, Co-founder, Springboard.
“Our remote-first, mentor-guided model is uniquely positioned to serve not only these individuals, but also universities and employers who need help navigating today’s new economic reality. We’re delighted to partner with a great group of investors, as we continue on our mission to transform over one million lives by 2030,” she said.
“The education sector is facing a tectonic shift. As enterprises and countries alike seek more and better talent with digital skill sets, the technology training market is set to explode,” said Albert Bielinko, Principal, at Telstra Ventures. “We invested in Springboard because the strong educational and job placement outcomes achieved by its students are a big differentiator. Springboard’s highly personalised approach is built with the online learner in mind first, not as an afterthought, and offers a life-changing value proposition for Springboard’s graduates.”
Started by co-founders Gautam Tambay and Parul Gupta in 2013, Springboard pioneered a learning model that has enabled thousands of successful career transitions into the most in-demand technology fields via its job-guaranteed programs that are taught entirely online.
Unlike most online learning companies that stop at teaching technical skills, Springboard focusses on employability – 94 per cent of eligible graduates secure a job within a year, earning an average salary increase of $26,000. Springboard’s unique strength is its remote-first yet human-centric approach that matches each student 1:1 with a personalised mentor — an industry professional working in their chosen field — who provides weekly feedback to keep students motivated and accountable. This approach has resulted in 330 per cent student enrolment growth from June 2019 to June 2020.