Rocket Academy, a start-up providing online coding courses, has raised $1.1 million in pre-seed funding from a consortium of 50 tech investors and venture capitalists including entrepreneurs Darius Cheung from 99.co, Marcus Tan from Carousell and Stanley Tang from DoorDash, former Singapore ambassador to the UN Kishore Mahbubani, Southeast Asia tech leaders’ investment network XA Network, and venture capital firms Taurus Ventures and Hustle Fund.
Rocket Academy stated it will use the funding to grow the company as a coding school in Southeast Asia helping to address an industry-wide shortage in software engineers.
The company has developed two courses: coding basics, an introductory course for beginners; and software engineering bootcamp, which prepares students for a career in software engineering. All course material is prerecorded for students to review and complete at their own pace. Rocket Academy holds regular live classes over Zoom for students to clarify concepts with instructors, apply learning in pair exercises and network with classmates.
Kai Yuan Neo, founder and chief executive of Rocket Academy said: “There is a mounting global talent shortage of developers around the world. As of December 2020 this amounted to 40 million developers worldwide. By 2030, that is expected to reach 85.2 million. Not only this but companies worldwide risk losing $8.4 trillion in revenue because of the lack of skilled talent. Rocket Academy exists to solve this equation and we are on a mission to scale further and faster.”
Rocket Academy said it also helps its graduates find software engineering jobs through resume development, portfolio development, referrals and interview preparation.
Date published: 6 September 2021