[Funding] Springboard Secures $31M in Series B Funding Led by Telstra Ventures

By : |August 6, 2020 0

Springboard is a mentor-guided online learning platform that prepares people for in-demand careers. According to a recent announcement, it has raised $31 million in Series B funding. This brings its total capital to more than $50 million. Telstra Ventures, Vulcan Capital, SJF Ventures, Costanoa Ventures, Pearson Ventures, Reach Capital, International Finance Corporation (IFC), 500 Startups, Blue Fog Capital, and Learn Capital participated in the round.

About Springboard

Springboard launched in India in 2019. Post that, it has placed its learners in Fortune 500 and world-renowned companies such as Samsung, Salesforce, Visa, LinkedIn, Cisco. Since its inception, Springboard’s programs are entirely online. Still, they heavily support human interactions with mentors and a network of career experts.

With this latest round of capital, Springboard will double down on student employability in response to the current job market in India and globally. It will create new hiring-focused products and strengthen employer partnerships to help graduates land their dream careers. The new capital infusion will help Springboard build several innovative tools for India and global markets. This, in turn, will further support job-seeking graduates.

Talking about the company, Parul Gupta, Co-founder, Springboard said:

“India is witnessing one of its toughest challenges owing to the recent job losses. These 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. 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.”

Gautam Tambay and Parul Gupta started Springboard in 2013. It pioneered a learning model that has enabled thousands of successful career transitions into the most in-demand technology fields. Unlike most online learning companies that stop at teaching technical skills, Springboard focuses on employability. For example, 94% 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. This matches each student with a personal mentor who is an industry professional working in the field they choose. They provide weekly feedback to keep students motivated and accountable. This approach has resulted in 330% student enrollment growth from June 2019 to June 2020.

About the deal

While talking about the deal, Albert Bielinko, Principal, at Telstra Ventures said:

“The education sector is facing a tectonic shift. As enterprises and countries alike seek more and better talent with digital skillsets, the technology training market is set to explode. 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. It is not as an afterthought, and offers a life-changing value proposition for Springboard’s graduates.”

In the coming months, Springboard plans to grow its industry-leading course offerings outside the high-tech industry to include additional skills gap disciplines. The company will also look to deepen its partnerships with universities and employers, enabling them to adapt to evolving reskilling needs in a post-pandemic economy.

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