Image credits: Microverse
Microverse, an online school for remote software developers, announced on Wednesday that it has raised $4M (approximately €3.9M) in a Series A extension round of funding, doubling its valuation. The latest round brings the total Series A funding to $16.5M (approximately €16.2M).
The round saw participation from existing investors Northzone, General Catalyst, All Iron Ventures, and business angels. New investor True Equity, an arm of executive recruitment firm True Search, also participated in the round.
Microverse says the capital will help it to continue to scale and double its team over the next 18 months.
Ariel Camus, Founder and CEO of Microverse, says, “This extension to our Series A validates the progress we’ve been making in helping to build a skilled workforce that is ready to tackle the challenges the job market is currently facing, such as the talent shortage. Our mission is to provide the world’s untapped talent with high-quality education and match them with companies in desperate need of digital talent. We want a million people from developing countries to be part of the global remote workforce by 2030.”
Microverse: What you need to know
Founded by Ariel Camus in 2017, Microverse is an online school for remote software developers where they pay nothing until they land a job.
At Microverse, students learn programming by pairing and collaborating with other students in real-time. The platform teaches students to code through cohort-based learning and offers a curated curriculum tailored to prepare them for the world of remote and international work.
The company claims that Africa and Latin America make up 75 percent of their students. Microverse offers courses in JavaScript, React, Ruby, Ruby on Rails, and Computer Science fundamentals.
Besides teaching, the edtech platform also helps students improve their portfolio, resume, and online presence, as well as prepare for job interviews.
Microverse claims to be the only school in the world to provide an Income Share Agreement (ISA), which is available in every country. Last year, Microverse saw a considerable rise in the number of applicants to its programme – from 10,000 to 30,000 every month.
The company says over 1,500 students from over 140 countries have gone through the programme, with a job placement rate of over 90 percent within six months.
According to the company, graduates receive an average salary increase of 300 per cent once they complete their studies. Deloitte, HSBC, and Microsoft are among over 400 companies hiring Microverse alums.
The online school is backed by global investors, including Northzone, Y Combinator, General Catalyst, and world-class angel investors such as Paul Graham, Paul Buchheit (the creator of Gmail), and Kevin Hartz (the founder of Eventbrite).
The edtech company operates remotely, and its CEO and co-founder is based in Barcelona, Spain.
True Equity: What you need to know
True Equity makes investments in high-growth companies backed by elite venture capital firms.
Hugh J. O’Donnell, managing partner at True Equity, says, “True Equity invests in companies that want deep relationships with top leadership talent. Ariel and the team at Microverse recognise the critical role talent plays in company growth, and we’re excited to partner with them on this journey.”
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