Online learning platform Springboard on Wednesday announced it has raised $31 million (approximately Rs 232 crore) 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, which has offices in San Francisco and Bengaluru, launched India as its first geography outside the US in 2019.
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, the company 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,” Parul Gupta, Co-founder, Springboard, said in a statement.
“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,” Gupta said.
Springboard was co-founded by Gupta and Gautam Tambay in 2013.
In the coming months, the company plans to grow its course offerings outside the high-tech industry to include additional skills gap disciplines.
The company said it will also look to deepen its partnerships with universities and employers, enabling them to adapt to evolving reskilling needs in a post-pandemic economy.
More than 20,000 students across over 100 countries have used Springboard to advance their careers, the company said.