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Edtech startup Springboard raises $31M in Series B round

The San Francisco-headquartered online learning startup, Springboard is focusing on mentor guidance. Founded by Gautam Tambay and Parul Gupta in 2013, Springboard also provides job guarantee programmes
Springboard launched India as its first location outside the US in 2019. The startup says its main focus is on employability and claims that 94 per cent of eligible graduates secure a job within a year, with an average salary increase of $26,000.
 
Springboard has raised $31 million in Series B funding led by new investor Telstra Ventures. Springboard has raised more than $50 million, according to the new release. This round of funding includes 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.
 
According to the startup, the latest round of funding will help them double down on enhancing student employability by creating new hiring-focused products and strengthening employer partnerships.
 
 
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 the startup, they noticed a 330 per cent increase in student enrolment from June 2019 till June 2020.
 
Their plan is to expand their career services and they have also tripled the number of virtual apprenticeship programmes to build portfolio-worthy content and provide real-world work experience. It also plans to expand the course offerings outside the high tech industry.
 
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.”  
 

– Authored by GVSK Vedant

  Content Developer, StartupMonk

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