Masterschool, a network of tech career-training schools, announced a $100 million seed funding round led by Group 11, with significant participation from Target Global, Pitango Ventures, Dynamic Loop Capital, Sir Ronald Cohen, and other strategic investors.
With 1 million unfilled IT jobs in the US alone, the tech talent shortage is one of the biggest challenges facing companies today and is expected to reach 85 million unfilled jobs worldwide by the end of the decade. 57% of tech executives listed the labor shortage as their top concern.
To address this shortage, Masterschool created a network of career-training schools for technology, with students paying for the courses only after they are hired in the field. Through the Masterschool network, tech creators and industry experts launch schools, teaching and mentoring promising students with a curriculum that prepares them for careers in the most in-demand fields. Since it was founded in 2019, graduates from dozens of Masterschool schools have been hired by some of the largest tech companies, including Google, Microsoft, and Intel, more than doubling their previous salaries on average.
Masterschool’s data-driven approach helps ensure success for their students at each stage of the process, culminating in a job placement. The company also continuously analyzes technology and market trends, adjusting to course curricula and materials to meet the market and each student’s needs.
Applicants must successfully pass an admission process that includes tests and assessments to select the most ambitious and motivated candidates. Researchers from Masterschool collaborate with researchers at leading institutions such as the European University Institute and MIT Sloan School of Management to continually review and improve the admission process to minimize bias and ensure diversity.
Successful applicants can join schools led by recognized experts and industry leaders including Charlotte Chaze, Niklas Steenfatt, and Keith Galli.
The 6 to 12 month course features a team of educational professionals supporting a dynamic syllabus. Students then enter a Career Accelerator where mentors work with them on their soft skills, and job opportunities are presented and assessed.
“Masterschool’s mission is to ensure that anyone in the world can build an inspiring career,” said Michael Shurp, co-founder and co-CEO of Masterschool. “After years of developing and building Masterschool without outside funding, we’re thrilled to bring on a wonderful group of investors who share our mission and believe in our team.”
The $100M funding will be used to significantly scale up Masterschool’s network, rapidly increasing the number of schools to provide the life-changing opportunities that come with a tech career to an ever-widening group of people.