Springboard Receives $31 million from its Series B round of financing
FREMONT, CA: A San Francisco-based mentor-guided online learning platform Springboard prepares applicants for in-demand careers, raises $31 million worth financing from Series B round.
The latest round added to the total capital raised, making it more than $50 million. The funding round was led by Telstra Ventures, a new investor along with the participation of Vulcan Capital and SJF Ventures, and existing investors Costanoa Ventures, Pearson Ventures, International Finance Corporation (IFC), 500 Startups, Reach Capital, Blue Fog Capital, and Learn capital.
“We’re in the middle of the largest global labor market shift in over a century, as millions of displaced workers look to make the difficult transition into new, in-demand careers,” said Gautam Tambay, CEO and co-founder of 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.”
Co-founded by Gautam Tambay and Parul Gupta in 2013, Springboard offers a renewed learning model that has enabled thousands of career transitions into the most in-demand technology fields via its job-guaranteed programs that are taught entirely online. Its remote-first yet human-centric approach provides each student a one on one session with a personalized mentor, who is currently an industry professional working in their chosen field to give weekly feedback to keep students motivated and accountable. Springboard intends to utilize the funds to develop several innovative tools including
– The Hireability Forecaster, a tool that provides early indications of students’ success and potential employability roadblocks by consolidating the Springboard’s predictive technology and the insights from its global community of almost 1,000 industry mentors;
– Springboard Introductions, a feature offering students personalized, targeted summaries and job referrals from its community consisting of 13,000 mentors, alumni, fellow students, and employer partners;
– Student-Job Fit Recommender, an AI-based job matching tool, suggests the open roles at Springboard’s employer partners that, in turn, matches each student’s background and skill set.
In the next few months, Springboard plans to develop its course offerings outside the high-tech industry to include additional skills gap disciplines and strengthen partnerships with universities and employers.