After 200% ARR growth in 2020, CourseKey raises $9M to digitize trade schools
When the COVID-19 pandemic hit and forced educational institutions to go virtual, many were scrambling to develop online or blended curriculums.
That struggle was particularly challenging for trade schools, many of which were not designed to teach online and were mostly paper-driven.
CourseKey, a San Diego-based trade school management SaaS startup, was in a unique position. Demand surged and its ARR grew by 200% in 2020. And now, the company has raised $9 million in a Series B led by SignalFire and with participation from existing backer Builders VC to help it continue its momentum.
Founded in 2015 by Luke Sophinos and Fadee Kannah, CourseKey’s B2B platform is designed to work with organizations that teach some of our most essential workers — from automotive mechanics to electricians to plumbers to nurses, phlebotomists and dental assistants.
The goal is to help those organizations boost revenue by improving student retention and graduation rates, helping them maintain regulatory compliance and generally streamline processes.
“Things really took off last year when the coronavirus hit,” Sophinos said. “So many schools had to adopt a digital arsenal. We saw a massive acceleration trend that was already going to happen. Every industry had been eaten. We just found a space that wasn’t yet.”
CourseKey currently works with over 200 career colleges, including the Paul Mitchell School and the Institute for Business & Technology, among others. Over 100,000 students use its software.
For Sophinos and Kannah, founding CourseKey (Read more...)