Degreed, which provides career development solutions to professionals, has raised $32 million, at a time when global workforces are set to require re-skilling to meet post-pandemic employment demands.
Owl Ventures led the funding round, which brings Degreed’s total funding to date to $182 million.
Degreed describes itself as a “workforce upskilling platform”, which amalgamates resources that people use to learn – such as short courses, videos, articles, books and podcasts – then analyses employees’ skills and creates personalised career development products.
The new funding will “accelerate Degreed’s career mobility roadmap”, the firm said.
“Transformation is the new normal. In order for us to keep up with the changes, learning agility is key to the organisation – especially because upskilling is anticipated to save organisations $1.2 billion over the next three years,” said Raquel Andrade, global head of talent acquisition and learning at Itaú Unibanco, a Degreed client and one of the largest banks in the world.
The coronavirus crisis is expected to reshape some industries permanently and others temporarily as companies recalibrate to meet the shifting demands of consumers and clients in the wake of the pandemic.
Many workers’ skillsets will have to change in line with employers’ strategies, which could lead to an uptick in demand for professional training.
According to Human Resource Executive, 75-80% of employees do no complete their HR system’s talent profile. According to Degreed, this means that organisations do not have “critical” data sets on which to base “agile business decisions”.
The firm claims to help companies overcome this paucity of information by creating employee skill profiles, then uses those data sets to connect professionals to projects and opportunities.
“We’ve seen a tremendous surge in client demand for our career mobility product,” said Chris McCarthy, chief executive of Degreed. “It’s more important than ever for companies to understand the skills of their workforce, enrich their upskilling programmes, and enable internal mobility.
“Employees don’t care about a system of record that they see one to two times per year.
“They need a simple, personalised experience that helps them build their skills and advance their careers.”
Date published: 17 June 2020