Lambda School was added to our portfolio last year in August and just after 14 months, it was good enough to raise $14M in Series A funding round. Lambda School is an online training service that aims to produce quality software engineers for competitive market with its 30-weeks full time or 12-months part time training programs. Students are not required to pay up-front for the course and only pay back if they start earning at least $50K per year. If students earn less than $50K per year, they don’t have to pay.
The funding round was led by GV and Stripe also participated in it which raised the total funding amount of Lambda School to $18.1M. Lambda School plans to use these funds for offering more new courses and growing the academy.
“We chose to work with these new funding partners because we all have a desire to fundamentally fix how we teach and train software developers. This new model has proven effective with each of our graduating classes, and we’re grateful to have the support of so many investors who see the value in our approach,” said Austen Allred, CEO and co-founder of Lambda School.
Since Lambda School’s inception in April 2017, over 75 Lambda School graduates have been hired, including 83% of early cohorts, with an average salary increase of over $47,000 per hired graduate. The school hopes to increase the number of students hired as it builds out a more advanced hiring network and continues to adapt its curriculum to teach the skills employers need in new hires today. The growing coding school currently has 700 students enrolled.
“Lambda School’s approach to alternative education democratizes access for anyone aspiring to become a full-stack software engineer,” said Shaun Maguire, partner at GV. “Lambda School’s business model is innovative in their category and the company has scaled rapidly. We’re excited to work with Austen Allred and the team as they continue to bring online software engineering education to more people.”
“Lambda School is expanding access to first rate developer education,” said Patrick Collison, CEO and co-founder of Stripe. “We love programs that spread opportunity to people who have been overlooked and underserved. Enabling more people to take advantage of the possibilities of software and the internet is a pursuit that’s firmly aligned with Stripe’s mission.”
Please read the full story at Lambda.