Indian learning platform Degreed raises funds from Jump Capital, others

Photo: Mint

Degreed, a startup that helps organizations improve staff skills, on Thursday said it has raised $35 million in equity funding.

Existing investors Owl Ventures, Jump Capital, Signal Peak Ventures and GSV Accelerate participated in the round, along with new investor Alliance Bernstein.

Separately, Degreed also raised about $40 million in venture debt from Alliance Bernstein Growth Stage Capital.

The Bengaluru and San Francisco-based Degreed will use the funds to focus on improving user experience and expand into countries including India, Singapore and Australia.

Degreed allows enterprises to learn and measure the skills required for the smooth functioning of their workforces.

It aggregates resources people use to learn and grow, including corporate learning systems and millions of courses, videos, books, articles, podcasts and subject experts from thousands of sources.

Degreed then uses machine learning to provide people and businesses with the tools, analytics, and feedback they need next to upskill their professional abilities.

Founded in 2012, Degreed has offices in Salt Lake City, New York and Amsterdam.

Degreed plans to use the fresh funds to enhance their skills measurement and insights functionality, and strengthen integration, data science, and client enablement capabilities.

Over the last year, Degreed claims to have doubled its revenue and the size of the company’s sales and client experience teams. It merged and integrated its largest competitor Pathgather.

It also added nearly 100 new clients to its 220-strong client base that includes Cognizant, Conduent, Asian Paints, Atlassian, Imperial Brands, Unilever, and TELUS International.

“This additional capital will allow us to create more market awareness in Asia Pacific region and further execute on the road map and commitments we laid out at the beginning of the year. We are doubling down on our skills product and the data science and machine learning capabilities to support it. We will continue to invest heavily in our industry-leading client enablement teams,” Chris McCarthy, chief executive of Degreed, said in a statement.

McCarthy said the firm achieved record growth over the last 18 months, with 20% of its revenue coming from outside the US. Degreed has also doubled its headcount in India during the period.

“Their (Degreed’s) relationship with the end user is unique in the market and it positions them to own the way learning and skills are measured across the enterprise,” said Tory Patterson, co-founder and managing director of Owl Ventures.

This article was first published on livemint.com.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.