Microverse, a fast-rising edtech startup announced a series A funding of $12.5 million. Northzone, a global tech VC led the round alongside previous investors like All Iron Ventures and General Catalyst.
Microverse assist individuals, specifically developing countries to learn how to code making use of a collaborative, cohort-based learning model that helps in rearing them for workplace efficiency.
Ariel Camus established the company in 2018. He is a serial entrepreneur who sold Tourist Eye, his company to Lonely Planet. Ariel said he expects the size of the school to triple within the next 18 months. Currently, the platform has more than 1,000 full-time students from 118 countries. Around 75% of the students are from Latin America and Africa. He stated that the company now receives 10,000 new applicants averagely from around 200 countries each month.
Speaking on the raise, Ariel Camus said:
“It doesn’t make sense that the place you’re born determines your opportunities in life. Microverse’s mission is to provide the world’s untapped talent with a high-quality education and to match companies in desperate need of digital talent with them. This investment comes at a pivotal moment, where demand from potential students to learn to code and from companies looking for global talent has never been higher.”
Microverse offering is in high demand in a developing country and is not surprising. The aftermath of the covid 19 pandemics has caused the demand for talents across shores and remote work cultures. Many young individuals specifically in Latin America and Africa are getting foreign jobs as sweet remedies for dwindling local economic realities.
The company model is designed to support remote working and distributed teams, with 92% of the job offers received by students are for remote roles. The process of learning is also designed to assist students to acquire soft skills required for remote jobs along with technical skills.
Ariel stated that students learn full-time from each other under real work conditions with the help of experienced mentors for their learning process. Students leave the program and ready for work, are taught with the best career coaching, support, and experience of cross-cultural collaboration.
“The results have been fantastic so far,” said Ariel while explaining that 95% of their graduates go into roles within six months of joining and enjoy an average salary increase of 240%.
Microverse already has over 300 graduates working for top tech companies which include VNWare, Microsoft, Huawei, and Globant.
Microverse provides Income Share Agreement with students participating from every country, to make it the only school in the world to do so.
How it Works
Students do not need to pay ahead to attend Microverse. They only pay when they get paid. And that is after they earn at least $1,000 monthly. They will pay back 15% of their income until they attain a $15,000 cap. This means the company will invest in their success for it to be successful.
Ariel stated that this model has assisted in removing the barriers o have access to a world-class education.
