FourthRev, a London-based online education company, has recently announced that it has raised $8 million in its Series A funding round.
The round was led by Educapital, Europe’s first education technology impact fund, with participation from existing investors Reach Capital, Emerge Education and Danner Capital as well as a number of EdTech entrepreneurs and executives, according to a news release.
Founded by Jack Hylands and Omar de Silva in 2019, FourthRev exists to create economic and social value through access to high-growth digital careers. The company has created a new category of education called Career Accelerators to tackle digital skills gaps globally. Its programmes lead the way in employer-university collaboration by combining university education with job-focused technical education. FourthRev brings together globally recognised universities, such as the London School of Economics and Political Science (LSE) and King’s College London, leading technology companies such as Tableau and Github and industry employers such as Thoughtworks and Robert Walters to design unique, highly cost-effective, globally relevant programmes.
The first FourthRev Career Accelerator in Data Analytics which is currently underway is a six-month programme that will train students from a range of different backgrounds and disciplines to develop holistic data analysis skills. It has been designed and developed by LSE’s Departments of Statistics and Department of Methodology, in collaboration with leading industry partners to ensure outcomes align with current industry demand. The programme will introduce core concepts of data handling and analysis and will incorporate real-world projects to allow students to apply and challenge their knowledge in authentic business scenarios.
Speaking about the company, Jack Hylands, Co-Founder & Co-CEO of FourthRev, said in a statement,
"The digitisation of the global economy driven by The Fourth Industrial Revolution has been dramatically accelerated by the COVID-19 pandemic, with digital transformation plans having been significantly increased over the last two years. This rapid digitisation of the economy means that 85 million jobs are forecast to be lost through the emergence of new AI and automation technologies, but 97 million jobs are set to be created.
If the workforce is to succeed in this new economy, it will require a specific and different set of technological, emotional, and higher cognitive skills. Our mission is to support the workforce and learners through these changes, which is why we built and launched Career Accelerators last year. By combining the very best of career focused, high ROI education with the value of the world’s best universities, technology partners and a direct pathway to employment, this unique proposition allows learners from across the globe to unlock high-growth digital careers."
The company plans to use the funds to develop and promote more Career Accelerators focused on key areas experiencing the most acute digital skills shortages such as cybersecurity, AI, analytics, UI and project management skills. It also plans to double its headcount worldwide, expanding operations in the UK, Australia, South Africa, and North America.
Litzie Maarek, Co-Founder and Managing Partner of Educapital said,
"It is clear that there is a desperate need for more effective and relevant education in the digital skill education space. We believe the way FourthRev builds the foundation of its courses on industry needs, works with academia to deliver higher-order thinking and intellectual resilience and delivers confidence to graduates through industry partnerships is unique. Our mission at Educapital is to identify and support EdTech companies that are going to have a tangible impact on current and future generations. FourthRev is doing just that as they are building a new educational pathway to addressing one of the biggest educational challenges of our time."
FourthRev has last raised £2.3 million in its seed funding round in February 2021 led by Reach Capital, with participation from Emerge Education and Dunce Capital, and angel investors Craig Pines – an experienced education executive – and Charlie Songhurst – former Head of Corporate Strategy at Microsoft.