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by Pranali Mehta
Startup Edtech Microverse has reportedly raised $ 12.5 million as it continues its quest to educate students around the world to code using its online platform which requires no upfront cost but instead relies on a sharing contract. income once students have found employment.
The Series A funding round was led by Northzone and also saw participation from All Iron Ventures, General Catalyst, and a few other angel investors. This latest round of funding brings the startup’s total funding to nearly $ 16 million, cited sources familiar with the matter.
With many tech companies embracing remote working in the current pandemic situation across geographic boundaries and time zones, the company is growing in popularity. Microverse has now added English speaking students from around 188 countries through its program.
CEO Ariel Camus said the startup has placed more than 300 first graduates at tech companies like Microsoft, Huawei and VMWare. The company is said to have an employment rate of over 95% for its students within six months of graduation, which is a major milestone for an institution based on a revenue sharing agreement.
The startup has gone to great lengths to simplify and modernize its online program since launch to ensure success for its students in the 10-month full-time program. Microverse’s efforts included reducing course segments to shorter timelines so that students only begin the program when they have sufficient time to devote to the module.
Camus also mentioned that the startup receives thousands of applications every month, of which only a handful are accepted to ensure productivity. The startup plans to support 1,000 students through its program this year.
He further said that when they launch a partner program, it will open up the market for 5X. Getting 10,000 students each year will not be difficult at a time when 90% of the world’s population does not have access to higher education, he added.
As part of its future plans, Microverse aspires to work closely with technology companies to confirm that students have easier access to internships after graduation.
Source credits: https://techcrunch.com/2021/07/01/edtech-startup-microverse-raises-12-5m-to-bring- Income-share-agreements-to-the-developing-world /
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