[Funding alert] Edtech startup Springboard raises $31M in Series B round

Springboard will use this latest round of funding to come out with new products which will increase the employability of the students.

Vivek Kumar, Managing Director, Springboard

Springboard, the San Francisco-headquartered online learning startup focusing on mentor guidance and with a presence in India, has raised $31 million in Series B funding led by new investor Telstra Ventures.

Springboard has cumulatively raised more than $50 million, according to a release. The other investors in the Series B round include 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.

Founded by Gautam Tambay and Parul Gupta in 2013, Springboard also provides job guarantee programmes. According to the startup, the latest round of funding will be used to double down on enhancing student employability by creating new hiring-focused products and strengthening employer partnerships.

On the funding, Springboard Co-founder Parul Gupta said, “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.”

According to Parul, Springboard’s remote-first and mentor-guided model can help the workforce navigate through this new economic reality.

Springboard launched India as its first geography outside the US in 2019. The startup says it focuses on employability and claims that 94 percent of eligible graduates secure a job within a year, with an average salary increase of $26,000.

According to the startup, it has witnessed a 330 percent increase in student enrolment from June 2019 till June 2020.

Vivek Kumar, Managing Director, Springboard, said, “With this funding, we are in a good position to build on our strengths to provide in-demand job skills and holistic support at every step.”

On the investment into Springboard, Albert Bielinko, Principal at Telstra Ventures, noted, "We invested in Springboard because the strong educational and job placement outcomes achieved by its students are a big differentiator.”

Springboard is also expanding its career services and has tripled the number of virtual apprenticeship opportunities to build portfolio-worthy content and provide real-world work experience. It also plans to expand the course offerings outside the high tech industry, which will include additional skills gap disciplines.

Edited by Kanishk Singh