Degreed raises $42M in Series C funding
- Online learning provider Degreed announced it has raised $42 million in Series C funding. In a press release, the company claimed it had three years of 100% growth, and that it had added 50 new clients representing 1 million licensed users over a period of six months.
- The company said the latest funding round would be used in part to build its newest product, Degreed Skill Certification, which it billed as “the world’s first system to both certify and rate any skill.”
- Degreed's product integrates learning resources, including corporate learning, online coursework, videos, podcasts and SMEs. The company also plans to build up its machine learning and analytics capabilities in order to provide more insight into clients' skill and development needs.
LinkedIn recently announced a partnership with Degreed, among others, that will allow companies direct access to thousands of options in learning content through their personal learning management system. Degreed is also partnering with HR.com on a skilled certification program for HR professionals to provide online certification and accreditation. Clearly, demand for HR learning tech and certification is high.
As the need to upskill new hires and employees pushes business to find faster, more relevant and timely solutions, traditional classroom training is increasing being replaced by online solutions. Surprisingly, a recent survey cites up to one-third of employers did nothing to upskill staffers in 2016.
The move to just-in-time online training will likely continue to grow as employers look for solutions that meet the needs of in-house as well as remote workers. Besides, statistical evidence suggests interactive, on demand training is simply more effective than the classroom training model.
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