Lambda School, the San Francisco-based firm that runs a virtual course for computer science students has announced securing $74 million in its Series C financing. Gigafund led the latest investment round with support from Tandem Fund and Y Combinator.
Before this round, the firm had picked up $30 million last year in 2019 as part of the Series B funding. The Series B round was co-led by Bedrock Capital, Geoff Lewis, and GGV Capital. The latest investment takes the total amount raised by the firm to $122.1 million. Stripe, John Danner, Pioneer Fund, and Vy Capital are the other few backers of the firm.
Lambda School was launched in 2017 by Austen Allred and Ben Nelson as a school that runs various courses that run up to 18 months and cost $30,000. Notably, the firm asks the payment only when the students get a job which gets them at least $50,000. The firm claims to have around 3,000 students enrolled for their two courses, i.e., data science and full-stack web development.
Austin Allred, the co-founder and the CEO of the firm talking about the financing said that “This new financing will support our mission to unlock student potential, regardless of circumstance, by developing career-oriented educational programs and reducing the financial risks to pursuing a better career.”
Gigafund partner Stephen Oskoui is set to join the board of Lambda School. Talking about the investment, he said, "Gigafund is very focused on the strength of those that we think will build for multiple decades, and the model for how Lambda School is operating has the potential for tremendous impact.”
Image courtesy: Lambda School