Upskilling platform Degreed has raised $153m in Series D funding. The investment, which was co-led by Sapphire Ventures and Riverwood Capital, values the company at $1.4bn.
Dan Levin, former COO of Box, will succeed Chris McCarthy as CEO of Degreed. McCarthy will remain in a strategic advisory capacity and sit on Degreed’s Board of Directors.
The funding will be used to accelerate product development, enhance data infrastructure, fuel global expansion, and pursue strategic acquisitions. Technology enhancements will focus on upgrading Degreed’s reporting and analytics, ensuring best in class security, and enhancing integrations that take Degreed deeper into users’ daily workflow.
After almost eight years at Degreed, McCarthy is stepping down as CEO to address a chronic back issue. McCarthy led Degreed through a period of significant growth with compound annual revenue growth of 76% and an 800% increase in enterprise value during his three and a half years as CEO.
In 2020 alone, Degreed more than doubled its active user base and increased its team by 50%, to 600 employees, across six continents, while making major investments in product extensions to support the upskilling initiatives of our enterprise customers.
Degreed was also recently named one of America’s Best Startup Employers by Forbes. Levin is taking over as CEO at an exciting time for the company.
“When the Degreed Board and I put this transition plan in place last year, the goal was to be as successful as we were in 2017 when co-founder David Blake made me the CEO. After a months-long process, we’re thrilled to have someone of Dan’s caliber driving the next phase of our growth.” said McCarthy. “Dan’s extensive experience scaling high-growth companies aligns with our future trajectory. He’s not only a great operator, but an exceptional leader and coach who is deeply connected to Degreed’s mission.”
“I am delighted to join the Degreed team. Chris and the entire company have done an amazing job delivering a service that over one-third of Fortune 50 companies use every day to retain, reskill and develop their most valuable employees. The workforce of the future will need to build and activate new skills on a continuous basis, and we are uniquely positioned to help them do just that,” said Levin.