The Madrid-based startup, StudentFinance, has raised €39 million in a Series A funding round.
The funding round consists of debt + equity where Iberis Capital led on the equity side, and Smart Lenders Asset Management led on the debt side, with support from Armilar Venture Partners, Mustard Seed Maze, Giant Ventures, and Seedcamp.
The business also secured backing from UK angel investors including Ed Vaizey, the longest-serving Culture & Digital Economy Minister, Tom Blomfield, founder of Monzo, and Martin Villig from Bolt.
The funding brings the total raised to €44.7 million and will be used to expand the company’s operations in the UK and Germany and further develop its offering in the Spanish market.
Aim
Founded in 2020, StudentFinance aims to address the global skills shortage by providing upskilling courses for in-demand sectors such as data, technology, engineering, artificial intelligence, and the climate/green economy.
The company uses AI models to identify the most sought-after skills, qualifies the best education providers to fill the gaps, and provides flexible financing options for those seeking to upskill through those programs. Its partners include boot camps, certificate providers, and master’s degree programs.
Platform users only start paying back the financing once they are employed and earning above a minimum income threshold. Since its launch, StudentFinance has helped more than 250 upskilling programs through over 50 education providers across Europe, including the UK, Spain, Portugal, Germany, and Finland.
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Existing programs include web development and data analytics from Ironhack, machine learning from AiCore, cyber security from Capslock, virtual reality programs from Mastered, and data science from Le Wagon.
The Madrid-based company also plans to work with corporates to power employee upskilling, enabling them to future-proof their workforce. Its plans include supporting the automotive industry with the shift to electric, bolstering the energy industry’s ambitions for a net-zero economy, and enabling the more excellent implementation of AI technologies.
Thoughts
Mariano Kostelec, CEO of StudentFinance, said, “The demand for workforce upskilling has never been greater. We’re on a mission to plug this gap across Europe while empowering individuals to level up their careers. Our platform is currently over-subscribed so, with the new funds, we’re looking forward to helping as many people as possible embark on training courses to upskill.”
He further added, “We aim to expand our coverage to build the workforce for the future, in particular in areas such as technology, AI, and climate change.”
