UBITS, a B2B online learning platform for upskilling employees in Latin America, has raised $25 million as a part of its Series B funding round led by Riverwood Capital, with participation from Owl Ventures, a prestigious EdTech fund based in California.
The round also saw participation from Endeavor Catalyst, Roble Ventures, Salkantay, and Amador Holdings.
The company will use the money from this round to expand to Spain and then to the Spanish-speaking population in the US. The capital will also be deployed to build more than 2000 additional courses, and launch the live tutors program.
Founded in 2015 by Julián Melo and Marta Forero, UBITS offers short content focused on the skills that companies seek to encourage in their employees. In this way, companies save on training costs since they do not need to train within their facilities and their employees can choose from a wide variety of content on a single platform.
Headquartered in Colombia and Mexico, UBITS provides more than 750 online courses to help employees upskill and reskill. The company partners with local experts to create its bite-sized courses and live classes designed to accelerate talent across organizations through a platform that personalizes the learning experience. HR and business leaders are provided with tools to analyze KPIs and customize their employees' learning journey.
Talking about the platform, Co-founder and CEO of UBITS, Julián Melo, said, "There's a huge skills gap in Latin America and people don't have the money for high-end education. The company also prides itself in offering resources and a plan for people who want to make a career change such as from human resources to finance.
The startup claims that students have completed over 600,000 courses on its platform. It also plans to build out AI-based functionalities and to double its team of 280 this year.