US-based workforce learning and skill-tracking platform Degreed announced that it had raised $35 million in equity funding from existing investors Owl Ventures, Jump Capital, Signal Peak Ventures and GSV Accelerate, and closed a $40 million venture debt facility with Alliance Bernstein Growth Stage Capital.
With this influx of capital, Degreed will continue to focus on creating an exceptional user experience while accelerating international expansion, including into India, Singapore, and Australia, the company stated. Degreed also plans to enhance their skills measurement and insights functionality, and significantly strengthen integration, data science, and client enablement capabilities.
Over the last year, Degreed has grown its revenues by more than 100 percent, doubled the size of the company’s sales and client experience teams, successfully merged and integrated its largest competitor, Pathgather, and added nearly 100 new clients to its over 220-organisation client list, which includes innovators like Cognizant, Conduent, Asian Paints, Atlassian, Imperial Brands, Unilever, and TELUS International, while increasing its enterprise Net-Promoter Score to an industry leading +69.
Chris McCarthy, Degreed CEO, said in a statement,
“The investment signals continued momentum for Degreed. We have achieved record growth over the last 18 months and the market is only accelerating globally. Today, 20 percent of our revenue comes from outside the US, and in India alone, we have doubled headcount.”
He added that this additional capital will allow Degreed to create more market awareness in the APAC region, and further execute the roadmap and commitments the company has laid out.
“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,” he said.
Degreed connects all the 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. It uses data science and machine learning to provide people and businesses with the tools, analytics and feedback they need next.
Tory Patterson, Co-founder and Managing Director of Owl Ventures, stated,
“Degreed has executed exceptionally well. They’ve partnered with the best companies in the world to deliver a platform that is both consumer-grade and enterprise-class. Their 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.”
Founded in 2012, Degreed is headquartered in San Francisco, with additional offices in Salt Lake City, New York, and Amsterdam.