Plans To Invests In Employability Tools, Personalised Career Services
Bengaluru, NFAPost: Springboard India, Bengaluru headquartered edtech company, raised $31 million in Series B funding, bringing its total capital raised to more than $50 million.
This latest round of funding was led by new Springboard investor Telstra Ventures, with participation from Vulcan Capital and SJF Ventures, and returning investors like Costanoa Ventures, Pearson Ventures, Reach Capital, International Finance Corporation (IFC), 500 Startups, Blue Fog Capital, and Learn Capital.
The company congratulated its community of students and professionals who are driving the growth of the company and keen to up-skill and achieve their dream career.
Springboard India also expects the funding will help the company to reach a step closer towards its goal of transforming one million lives through education by 2030.
Invest in career services
According to sources familiar with the development, the company will be using this round of capital in a number of ways, firstly to further invest in career services and placement efforts for our students given the current job climate.
“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 to help graduates land their dream careers,” states the company in an official statement.
Since inception, Springboard’s programs were designed to be entirely online, yet heavily supported by human interactions with mentors and a network of career experts.
The new capital infusion will help Springboard global and Springboard India further support job-seeking graduates by building several innovative tools for India and global markets:
- The Hireability Forecaster, which provides early indications of student success and potential employability roadblocks by combining the power of Springboard’s predictive technology and the insights from its global community of almost 1,000 industry mentors. With 80% of Springboard mentors indicating they would hire their mentee, mentors and coaches will have the ability to indicate student achievement and intervene to course correct if students fall behind.
- Springboard Introductions, which offers Springboard students personalised, targeted introductions and job referrals from its community of over 13,000 mentors, alumni, fellow students, and employer partners that collectively represent over 50% of the Fortune 500 across 108 countries. Candidates who are internally referred are 15 times more likely to be hired than those who apply on a job board.
- Student-Job Fit Recommender, an AI-driven job matching tool, which recommends open roles at Springboard’s employer partners that match each student’s unique background and skill set.
Looking ahead, the company also plans to grow its course offerings outside the tech industry to include additional skills gap disciplines, and developing new university and enterprise partners.
The company will also continue to invest in the mentor experience to ensure a high-performing, cohesive mentor community that is supported and empowered to drive outcomes for students.
Delivering the best student experience as well as expanding services are key priorities for the company. Springboard will use the funding for career services team to provide more access to job search support, office hours and mock interviews, and build a team of placements experts who will cultivate hiring partnerships to help get applications into the inbox of recruiters and hiring managers.
Fulfil career transition
Looking ahead, Springboard plans to grow its course offerings to include focus areas outside tech where there is high employer demand and the opportunity to actualise fulfilling career transitions.
“Our mission couldn’t be more relevant today than ever. COVID has accelerated digital transformation. We feel, as we track the progression of the pandemic. So many industries have been decimated, so many job families have ceased to exist, and all these displaced workers now need to find new means of livelihood,” states the company.
India is one of the largest knowledge economies of the world and important geography for us to play lifelong learning partners and help you advance in your careers throughout your working lives.
Springboard’s comprehensive career path programmes in data science, data analytics, AI-ML and UI/UX Design are designed to help professionals learn real-world skills through capstone projects and guided by mentor SMEs.
Springboard’s 1:1 mentor-led programmes focus on building both technical skills and soft skills and come with a job-guarantee.