Edtech startup FourthRev raises $11.2 million Series A to bridge the digital skills gap

Edtech startup FourthRev has raised $11.2 million in a Series A.

The round was led by Paris-based edtech impact fund, Educapital, with support from existing backers Reach Capital, Emerge Education and Danner Capital, as well as well as several individuals.

The raise comes after FourthRev bagged a $4.16 million seed round led by US education-focused VC Reach Capital.

Omar de Silva and Jack Hylands launched FourthRev in 2019 and plan to use the funds to develop and promote programs key areas with skills shortages such as cybersecurity, AI, analytics, UI and project management.

The massive tailwind delivered by global pandemic and rapid shift to digital has seen the startup expand rapidly, forging more than dozen university partnerships in Australia, UK and the USA, in a new category of education the pair have dubbed Career Accelerator. The business is predicting revenue growth of 225% for the financial year by June.

The first Career Accelerator partnership is with the London School of Economics and Political Scienc, in data analytics, followed by a second with King’s College. FourthRev is currently in discussion with a number of Australian universities to roll out the first local Career Accelerator.

de Silva said FourthRev designs unique, cost-effective, and programs focused on digital job and career outcomes, and over the past three years it has grown from digital skills courses to the Career Accelerators program, working with likes of Tableau, GitHub and Microsoft to ensure students are equipped with the skills and capabilities employees seek.

“A recent McKinsey survey found that the pandemic accelerated the digital transformation efforts of many organisations by three to four years,” he said.

“This has further amplified the global digital skills shortage which we believe will be a massive opportunity for learners. As a result, universities are in a unique position to positively impact this problem at scale, getting hundreds of thousands, if not millions, of students into fulfilling digital careers.”

de Silva said the business is looking to double its current headcount of 50 globally, while expanding operations in the UK, Australia, South Africa and North America.

“FourthRev exists to help people get impact and outcome in their life through meaningful, rewarding, digital careers,” he said.

“I know first-hand how important it is to have work that is both fulfilling and has purpose; we want learners to say that our Career Accelerators were the best investment they’ve made in their personal and professional growth.”