Workforce upskilling platform Degreed has raised $153 million in Series D funding in a round co-led by Sapphire Ventures and Riverwood Capital, which values the company at $1.4 billion.

Founded in 2012, Degreed is headquartered in Pleasanton, California, with offices in Salt Lake City, New York, London, Amsterdam, and Brisbane.

Degreed stated that the funding will be used to accelerate product development, enhance data infrastructure, fuel global expansion, and pursue strategic acquisitions.

Dan Levin, former chief operating officer at cloud content management company Box, will become chief executive of Degreed, succeeding Chris McCarthy who is stepping down for health reasons. McCarthy will remain in a strategic advisory capacity and sit on Degreed’s board.

McCarthy said: “When the Degreed board and I put this transition plan in place last year, the goal was to be as successful as we were in 2017 when co-founder David Blake made me the CEO. After a months-long process, we’re thrilled to have someone of Dan’s calibre driving the next phase of our growth. Dan’s extensive experience scaling high-growth companies aligns with our future trajectory. He’s not only a great operator, but an exceptional leader and coach who is deeply connected to Degreed’s mission.”

Levin added: “Chris and the entire company have done an amazing job delivering a service that over one-third of Fortune 50 companies use every day to retain, reskill and develop their most valuable employees. The workforce of the future will need to build and activate new skills on a continuous basis, and we are uniquely positioned to help them do just that.”

Date published: 13 May 2021

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