Edtech platform Springboard has raised $31 million in its Series B funding round led by Telstra Ventures and other new investors like Vulcan Capital and SJF Ventures, as the company plans to double down on student employability in response to the current job market in India and across the globe.
Existing investors who participated in the fundraising include Costanoa Ventures, Pearson Ventures, Reach Capital, International Finance Corporation (IFC), 500 Startups, Blue Fog Capital, and Learn Capital.
With this investment, the startup, founded by Gautam Tambay and Parul Gupta in 2013, has so far raised more than $50 million.
Springboard said the latest capital infusion will help it create new hiring-focused products and strengthen employer partnerships to help graduates land their dream careers. The company forayed into the Indian market last year, after the US.
“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,” said Parul Gupta, Co-founder at Springboard, said.
In the coming months, Springboard plans to grow its course offerings outside the high-tech industry to include additional skills gap disciplines. The company will also look to deepen its partnerships with universities and employers, enabling them to adapt to evolving reskilling needs in a post-pandemic economy.
“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,” said Vivek Kumar, Managing Director at Springboard.