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AllianceBernstein, Others, Provide Growth Capital to Workforce Training Firm Degreed

June 28, 2019, 08:30 AM
Filed Under: Industry News

Degreed, a workforce learning and skill-tracking platform, announced it raised $35 million in equity funding from existing investors Owl Ventures, Jump Capital, Signal Peak Ventures and GSV Accelerate, along with new investor AllianceBernstein Growth Stage Capital. Degreed also closed a $40 million venture debt facility with AllianceBernstein.

With this influx of capital, Degreed will continue to focus on creating an exceptional user experience while accelerating international expansion, enhancing their skills measurement and insights functionality, and significantly strengthen integration, data science, and client enablement capabilities.

Over the last year, Degreed has grown its revenues by more than 100 percent, doubled the size of the company’s sales and client experience teams, successfully merged and integrated its largest competitor, Pathgather, and added nearly 100 new clients to its over 220-organization client list that includes innovators like Imperial Brands, Ericsson, Boeing, Unilever, TELUS International, and Cognizant, while increasing its enterprise Net-Promoter Score to an industry leading +69.

“The investment signals continued momentum for Degreed. We have achieved record growth over the last 18 months and the market is only accelerating globally. Today, 20% of our revenue comes from outside the United States,” said Chris McCarthy, Degreed CEO.  “This additional capital will allow us to further execute on the roadmap and commitments we laid out at the beginning of the year. We are doubling down on our skills product and the data science and machine learning capabilities to support it.  We will continue to invest heavily in our industry leading client enablement teams.”

“Degreed has executed exceptionally well,” said Tory Patterson, Co-Founder and Managing Director of Owl Ventures. “They’ve partnered with the best companies in the world to deliver a platform that is both consumer-grade and enterprise-class. Their relationship with the end user is unique in the market and it positions them to own the way learning and skills are measured across the enterprise.”

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