BloomTech Announces $14 Million Series A Led By GV
Funding will allow the company to further its mission to change the way software engineers and data scientists are taught and trained
SAN FRANCISCO, CA (October 8, 2018) — Bloom Institute of Technology (formerly known as Lambda School), a computer science academy that trains students of all educational and financial backgrounds to become software engineers, today announced $14 million in Series A funding, led by GV (formerly Google Ventures), with participation from Stripe. The additional funds will help BloomTech scale to meet the demands of incoming students, expand course offerings, and continue its commitment to providing education to individuals interested in software development careers with little up front cost until they have secured a high-paying job.
“We chose to work with these new funding partners because we all have a desire to fundamentally fix how we teach and train software developers. This new model has proven effective with each of our graduating classes, and we’re grateful to have the support of so many investors who see the value in our approach,” said Austen Allred, CEO and co-founder of BloomTech.
Since BloomTech’s inception in April 2017, over 75 BloomTech graduates have been hired, including 83% of early cohorts, with an average salary increase of over $47,000 per hired graduate. The school hopes to increase the number of students hired as it builds out a more advanced hiring network and continues to adapt its curriculum to teach the skills employers need in new hires today. The growing coding school currently has 700 students enrolled.
“BloomTech’s approach to alternative education democratizes access for anyone aspiring to become a full-stack software engineer,” said Shaun Maguire, partner at GV. “BloomTech’s business model is innovative in their category and the company has scaled rapidly. We’re excited to work with Austen Allred and the team as they continue to bring online software engineering education to more people.”
“BloomTech is expanding access to first rate developer education,” said Patrick Collison, CEO and co-founder of Stripe. “We love programs that spread opportunity to people who have been overlooked and underserved. Enabling more people to take advantage of the possibilities of software and the internet is a pursuit that’s firmly aligned with Stripe’s mission.”
In addition to its existing computer and data science programs, BloomTech has recently launched courses in iOS Development, Android Development, and UX Design. BloomTech’s expanding curriculum is a reflection of its mission to train students effectively in the most in-demand skills needed in the ever-shifting job market.
For more information on BloomTech and available programs, visit www.BloomTech.com.
About BloomTech School
Founded in 2017, BloomTech is a unique model of higher education in which the school invests in its students, instead of the other way around.
At BloomTech, we invest in you. With our popular income share agreement, or ISA, you invest in yourself, too. When you pay for your BloomTech education with an ISA, you’ll start by paying for a fraction of your tuition up front. Once you graduate, we’ll help you land a well-paying job—and then you’ll pay for the rest of your tuition with a percentage of your income for a limited time.
At BloomTech, we are committed to providing more people with a direct and lower-risk path to a rewarding tech job. That’s why we offer flexible options to pay your tuition—and launch your new career.
The school is headquartered in San Francisco, while students attend remotely. The academy has raised funds previously from investors including Y Combinator and Tandem Capital.