Virtual Internships, a Vietnam and United Kingdom-based education technology company delivering global work experience programs for young people, announced that it has raised $14.3 million in its Series A funding round led by Hambro Perks.
The round was also supported by Sequoia India and Southeast Asia’s Surge, Arsenal Growth, Kaplan, Ascend Vietnam Ventures, and STIC Investments.
According to the press statement, the company plans to utilize the capital to further scale its education platform as demand for remote work and learning continues to grow. The global nature of the fundraise, made up of investors across three continents, reflects the business’ ambitions to continue to expand the platform
internationally and make internships at the most exciting companies accessible to all.
Founded in 2018 by Daniel Nivern and Ed Holroyd Pearce, Virtual Internships offers programs across all industries in more than 100 countries, creating opportunities for the more than 250 million students in higher education worldwide to undertake a virtual internship. The unique platform ensures intelligent, rapid matches between students and companies globally, guaranteeing an internship match for every student within one month, regardless of their background, major, location, or desired career field.
Talking about the company, Co-founder & CEO of Virtual Internships, Daniel Nivern, said in a press statement:
"We have seen a clear societal shift towards remote work, a trend that we believe will continue to accelerate at pace. We should embrace the opportunities that this presents, and platforms like Virtual Internships help students and graduates from around the world to acquire new skills that will accelerate their career growth and prepare them for the 21st-century workplace. Our mission is to bridge the gap between education and the workforce by making global remote work experience accessible to all in a digital and borderless world."
The startup's vision is to democratize the global workforce so that a young person can land their dream global job, based on merit and not geography. It works with universities, governments, foundations, and corporations to provide their students, graduates, or employees with a solution to employability customized to the institution or organization.
Commenting on the fundraising, Managing Director of Hambro Perks, Nicholas Sharp, said:
"Virtual Internships is addressing the needs of a more digital working world and providing opportunities for young people from all backgrounds to be part of the globalized economy. The global network that the team is creating through the platform –with customers, teams, and investors worldwide– is unique and exciting, and we are delighted to be supporting them through their next stage of growth."
Virtual Internships is backed by some of the world’s top investors who were early investors in companies such as LinkedIn, AirBnB, Zoom, WhatsApp, Udemy, ApplyBoard, etc. The firm is part of the Sequoia Capital India’s Surge fifth cohort of 23 companies that have developed new digital solutions to help companies and individuals live, work and learn better in a rapidly evolving Southeast Asian landscape.
Kaplan International Pathways, Managing Director, Linda Cowan, also responded to the latest investment, saying:
"We are delighted to be supporting Virtual Internships as their first strategic partner in this latest round of funding. Their work-integrated learning approach and mission to increase accessibility for students align closely with Kaplan’s keen focus on enhancing the employability of our international students. We have received extremely positive feedback from our students who have undertaken internships with Virtual Internships and look forward to continuing to work with the team."
Co-founder & General Partner of Arsenal Growth, Jason Rottenberg, added:
"The trajectory of the future of work has shifted dramatically over the last two years. As a result, global institutions of higher learning need to adjust and adopt technologies and processes to deliver employees that are capable, confident, and comfortable with this shift. Virtual Internships’ platform and the program enable institutions, students, and employers to effectively and efficiently collaborate to produce the employees that the future of work demands. The Virtual Internships team and investors understand the importance of this market need and are ready to become a critical component to address it."
Last year in July, Virtual Internships had raised $2.5 million in a funding round led by Sequoia Capital India’s Surge, with participation from 500 Startups, iSeed, Arc Impact and Hustle Fund.