NEW YORK, May 31, 2018 /PRNewswire/ -- Trilogy Education, the leader in workforce acceleration, today announced it has secured $50M in Series B funding to fuel expansion of its platform and global impact. Highland Capital Partners, Macquarie Capital, and Exceed Capital led the round, with participation from existing investors Rethink Impact, City Light Capital, and Triumph Capital LLC. This capital comes a year after the company's $30M Series A financing, also led by Highland Capital Partners, and brings Trilogy Education's total equity funding to $80M.
"As fast-changing technology transforms the global economy, there's an enormous divide between the skills companies need and the talent available to meet that demand. By uniting universities, employers, and working adults, we believe we can bridge that gap and give every person the opportunity to pursue a rewarding career in the digital economy," said Dan Sommer, CEO & Founder of Trilogy Education. "This capital will accelerate Trilogy's investment in our technology and systems as we scale to power programs that serve more adult learners globally."
Since launching in 2015, Trilogy Education has empowered over 35 leading universities to upskill thousands of working adults through intensive training programs in coding, data analytics, UX, and cybersecurity. These programs are powered by Trilogy's proprietary technology, vast network of instructors and coaches, and dynamic market-driven curricula. Hundreds of part-time and full-time classes powered by Trilogy are currently offered across North America on campuses such as Columbia University, UC Berkeley, UT Austin, and Northwestern University.
"Trilogy Education is solving one of today's biggest economic challenges. Dan and his team have built a scalable platform that enables universities to close growing regional hiring gaps and give thousands of people the digital skills to pursue over $21 billion worth of open, high-paying tech jobs in the U.S. alone," said Dan Nova, Partner, Highland Capital Partners. "Highland is thrilled to lead this financing as the company expands its innovative model globally."
Graduates of Trilogy's partner programs are filling high-demand tech roles at over 1,500 companies, such as Google, Salesforce, The Home Depot, and Bank of America. There are currently more than 550,000 unfilled tech roles in the U.S., with that number expected to grow to 1.4 million by 2020, according to the Bureau of Labor Statistics.
"Nearly half of companies today are struggling to find skilled tech talent, with that number set to sharply increase," said Larry Handen, Head of Principal, Americas and Europe, Macquarie Capital. "Trilogy has integrated measurement and feedback into the learning process and applied agile methodologies to quickly deliver high-impact, market-driven programs at scale. The speed and quality of their operation is impressive."
As technology transforms nearly every industry, new data out from McKinsey this month shows the need for advanced IT and programming skills will grow by 90% in the coming decade. The report notes that in the age of AI and automation, every worker will need to develop basic digital skills at a minimum in order to remain relevant.
"Trilogy is a unique growth company sitting at the intersection of some of the biggest trends in our economy today," said Victor Hu, Co-founder & CEO, Exceed Capital. "The company's success to date is a testament to the tremendous value it is delivering to its partners through a combination of innovative technology and exceptional student outcomes. Exceed is proud to support the Trilogy team as it pursues its vision of aligning the future of education to the future of work."
Trilogy Education is a workforce accelerator that empowers the world's leading universities to prepare professionals for high-growth careers in the digital economy. From full-stack development to data analytics, Trilogy's skills-based training programs bridge regional hiring gaps in more than 35 markets across North America. Since the company's launch in 2015, thousands of working adults have successfully completed Trilogy-powered programs, and 1,500+ companies—ranging from startups to the Fortune 500—employ them. Learn more at www.trilogyed.com.