FourthRev raises $8m for digital skills growth
Edtech specialist FourthRev has secured $8 million in Series A funding as it seeks to expand digital skills in collaboration with universities and industry.
“The digitisation of the global economy driven by The Fourth Industrial Revolution has been dramatically accelerated by the Covid-19 pandemic, with digital transformation plans having been significantly increased over the last two years,” said FourthRev co-founder Jack Hylands.
According to the World Economic Forum, 85 million jobs are forecast to be lost through the emergence of new AI and automation technologies, he continued, but 97 million are set to be created.
“If the workforce is to succeed in this new economy, it will require a specific and different set of technological, emotional, and higher cognitive skills,” Hylands explained.
The latest funding round was led by European education technology impact fund, Educapital, with Reach Capital, Emerge Education and Danner Capital joining as follow-on funders.
Other edtech entrepreneurs and executives include Danner Capital and Craig Pines, who is joining the FourthRev board. New investors include Dan Devine, Greg Finkelstein, Jeff Keith and Scott Mckinley.
“Our mission is to support the workforce and learners through these changes, which is why we built and launched Career Accelerators last year,” Hylands continued.
“This unique proposition allows learners from across the globe to unlock high-growth digital careers”
“By combining the very best of career focused, high ROI education with the value of the world’s best universities, technology partners and a direct pathway to employment, this unique proposition allows learners from across the globe to unlock high-growth digital careers.”
A new partnership has been established with King’s College London to develop additional ‘Career Accelerator’ programs, FourthRev noted.
FourthRev brings its university partners together with technology companies such as Tableau and Github and industry employers such as Thoughtworks and Robert Walters to “design unique, highly cost effective, globally relevant programs”.
Partners include the London School of Economics and Political Science, which FourthRev has collaborated with on a six-month Data Analytics program.
The new investment will be used to develop programs in areas “experiencing the most acute digital skills shortages” such as cybersecurity, AI, analytics, UI and project management skills. FourthRev will also double its headcount worldwide, expanding operations in the UK, Australia, South Africa and North America.
“It is clear that there is a desperate need for more effective and relevant education in the digital skill education space,” co-founder and managing partner from Educapital Litzie Maarek said.
“We believe the way FourthRev builds the foundation of its courses on industry needs, works with academia to deliver higher order thinking and intellectual resilience, and delivers confidence to graduates through industry partnerships is unique.”