Degreed Raises $32 Million to Advance Career Mobility Roadmap

Urban Money

Social learning platform Degreed raised $32 million in a new funding round led by Owl Ventures. The company attributed the influx to rising demand for training and educational solutions.

The investment brings Degreed’s total funding to $182 million.

“We’ve seen a tremendous surge in client demand for our career mobility product,” said CEO Chris McCarthy. “Employees don’t care about a system of record that they see one or two times per year. They need a simple, personalized experience that helps them build their skills and advance their careers.”

.@Degreed raised $32 million and reported rising demand for its social learning solutions and interest in career mobility tools. #HR #HRTech Click To Tweet

Degreed combines internal learning content and subject matter expertise with publicly available courses, videos, books, articles and podcasts. Its platform uses data and machine learning to provide individuals and organizations with the tools they need to get the most out of them. Ultimately, it tries to connect all of an organization’s learning solutions into a single “ecosystem” that leverages unified data to produce more effective methods of training workers in needed skills.

Betting on Career Mobility

Degreed said the latest funding round will be used to accelerate its career mobility roadmap. It believes that most employees don’t complete the talent profile included in their organization’s HR system, hampering businesses as they deploy the workforce to support business decision-making. One of the company’s aims is to help employers plug this gap, thus promoting career mobility by connecting users to project, gig and job opportunities.

Degreed said it has seen record demand for its products over the last six months. More than one in seven users activated their accounts between April and May 2020, it said.

Owl Ventures, which funds a number of education and learning companies, led Degreed’s 2018 Series C round of $42 million. In June 2019, Degreed raised an additional $75 million in debt and equity financing.

In December, the company acquired London-based Adepto, a platform that provides organizations with greater insight to the skill sets of their employees, candidates and alumni.  

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