The education technology company joins the unicorn club at a $1.4B valuation amid a change in management. Here are the top-line bullets you need to know.
Degreed, an education technology platform that provides training and upskilling services to professionals, has raised $153M in Series D funding. The round was co-led by Sapphire Ventures and Riverwood Capital with participation from Signal Peak Ventures and Owl Ventures, among others.
How’s the company performing?
- California-based Degreed offers an online education platform to individuals and professionals, assisting users in learning, developing, and measuring their skills.
- The company recently announced that Chris McCarthy will be succeeded by Dan Levin, the former COO of Box, as the new CEO.
- In the last 3.5 years, Degreed has reported a 76% year-over-year growth in revenue and an 800% increase in enterprise value.
- Degreed presently has over 300 clients and extends its solutions to several Fortune 500 companies.
Why does the market matter?
- Annual spending on education technology is projected to reach $342B by 2025, according to HolonIQ.
- Increased penetration of digital devices, the advantages of technological integration such as smart classrooms, and the growth in online education amid the Covid-19 pandemic are some of the key enablers of this growth.
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