India: Degreed raises $32m funding led by Owl Ventures for upskilling

Photo: Internet Archive

Edutech start-up Degreed on Wednesday said it has raised $32 million in a new funding round led by Owl Ventures in response to market demand for upskilling and reskilling amid the coronavirus pandemic. This brings Degreed’s total funding to $182 million.

Degreed is an upskilling platform that trains employees to enhance their skill set and create skill profiles. Using that data, the platform can then promote career mobility by connecting users to projects, gigs, and job opportunities. This round of funding will accelerate Degreed’s career mobility roadmap.

“We’ve seen a tremendous surge in client demand for our career mobility product. It’s more important than ever for companies to understand the skills of their workforce, enrich their upskilling programs, and enable internal mobility,” said Chris McCarthy, chief executive of Degreed.

The funding comes after record demand for Degreed in the last six months. The startup has claimed that more than one in seven Degreed users activated accounts between April and May.

New Degreed clients including Ford, Fidelity Investments, and South Africa’s Standard Bank quickly shifted their workforce strategies to empower remote work and talent mobility. In India, Degreed’s clients include Tata Communications and Asian Paints.

“The workforce has fundamentally shifted over the past months, and organisations are investing further in their people and skills,” said Ian Chiu, managing director of Owl Ventures. “The need for lifelong learning is greater than ever and with this latest funding round, Degreed is well-positioned to shape a future where a person’s skills are the measure of their success and not their job titles. Where nobody becomes irrelevant because of a lack of the right skills at the right time.”

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.