The upskilling platform, Degreed, has announced $32 million in new funding in direct response to overwhelming demand for better skill insights, talent mobility, and a user-focused learning experience. Owl Ventures led this latest round, bringing Degreed’s total funding to $182 million.
According to Human Resource Executive, 75% to 80% of workers don’t complete their HR system’s talent profile, leaving organizations without a critical data set needed to inform agile business decisions. Degreed helps companies overcome this gap by enabling employees to develop their skills and create skill profiles. Using that data, the platform can then promote career mobility by connecting users to project, gigs, and job opportunities. This round of funding will accelerate Degreed’s career mobility roadmap.
“We’ve seen a tremendous surge in client demand for our career mobility product. It’s more important than ever for companies to understand the skills of their workforce, enrich their upskilling programs, and enable internal mobility,” said Chris McCarthy, CEO of Degreed. “Employees don’t care about a system of record that they see 1-2 times per year. They need a simple, personalized experience that helps them build their skills and advance their careers.”
Funding comes after record demand for Degreed in the last 6 months. More than one-in-seven Degreed users activated their accounts between April and May this year alone. New clients — including Ford, Fidelity Investments, and South Africa’s Standard Bank — quickly shifted their workforce strategies to empower remote work and talent mobility.
News Source: People Matters