Climb Credit Announces $ 9.8 Million Series A Funding Round Led by Third Market Partners and New Markets
NEW YORK, June 26, 2019 / PRNewswire / – Climb Credit, a student loan company that provides affordable financing for valuable job skills programs that lead to higher paying jobs, today announced it has raised $ 9.8 million in a Series A financing led by Third Prime and New Markets Venture Partners with the participation of Acumen, Impact Engine, Two Culture Capital and Elizabeth Tse, alongside existing investors including 1/0 Capital, Learn Capital, Montage Ventures, Hill Hedge Funds and Michael sidgmore.
Climb is a student lender that responds to $ 1.4 trillion student loan crisis by expanding socio-economic opportunities for low- and middle-income Americans. Climb identifies, selects and funds career relevant training that dramatically increases the earning potential of graduates. Schools and alternative tracks available on Climb’s platform teach skills needed for in-demand jobs across industries, from software engineering and data science to teaching and operating heavy equipment. . To this day, Climb was born far beyond $ 100 million in loans, funded the education and skills training of over 11,000 students, and partnered with over 140 schools and next-generation postgraduate skills training programs.
“The current process of evaluating and choosing an education program is very difficult for potential students, especially with the existence of some schools that are too expensive to teach skills that are no longer in demand as well as predatory schools. who do not provide, “said Wes barton of the Third First. “We are delighted to be working with Climb, which evaluates vocational training programs on the basis of their results and makes the value and the best choices more transparent to students. ”
Climb will use the funding to expand its product line and help more people access skills-based training. On its extensive platform, Climb allows students to explore and compare vocational and technical schools, so that they can find the best schools that have been validated as being of high quality, with career outcomes that are worth the money. cost of tuition. Climb verifies the quality of the school through a proprietary ROI calculation, an assessment that examines the cost of each program, time to completion, graduate performance, placement, starting salaries and growth in salaries over time to ensure that potential students receive an education that is worth the tuition fees. The expanded platform makes Climb’s verified quality programs more accessible and helps students understand the link between their education and professional outcomes.
“We recognize that the future of work is constantly changing due to rapid advances in technology and the workforce, and we want to empower people to acquire the skills they need to be successful, without going into debt. “, said Angela Ceresnie, CEO of Climb Crédit. “We will use this capital to have a positive impact on the higher education sector by supporting students throughout their professional journey, from choosing the right course of study to graduation and continuous improvement. skills.”
Additionally, Climb will use the funding to roll out a new results-based loan over the next year. The new structure will be the first in the market with a tuition payment option that includes the student benefits of an Income Sharing Agreement (ISA) as well as the consumer protections of a loan.
“At a time when millions of American graduates and dropouts suffer from $ 1.4 trillion debt and many question the value of traditional university degrees, we are proud to support a mission-driven company like Climb Credit, which makes alternative pathways and high-quality professional training accessible to all students, whatever whatever their socio-economic background, “mentioned Jason palmer business partners in new markets. “We look forward to supporting the innovative solutions they bring to market to lead the future of post-secondary education.
Climb Credit (NMLS # 1240013) is a student loan company expanding access to quality education for the new economy. Situated at new York, Climb Credit partners with programs and schools that consistently improve the earning potential of their graduates and demonstrate ROI, with schools ranging from IT, coding and data science to healthcare , pilot training and heavy machinery operations. The company is offering schools the opportunity to offer affordable financial aid to all students, regardless of their credit profile, as Climb Credit believes in the life-changing (and salary-boosting) power of education programs that they finance. Climb Credit’s mission is to change the paradigm of higher education by providing accessible funding to students pursuing studies with high return on investment. For more information, visit www.climbcredit.com or follow @ClimbCredit on Facebook, Twitter and Instagram.
About Third Prime
Third Prime is a New York-based venture capital firm that partners with exceptional entrepreneurs to solve important problems in large, addressable markets. Third Prime leads the seed funding and uses its time, reputation and capital to drive positive change for all stakeholders.
About New Market Venture Partners
New Markets Venture Partners is a leading impact venture capital firm that invests in and actively supports early stage and growth education and workforce technology companies. The New Markets team has decades of experience supporting high-growth, evidence-based businesses that enhance economic and social mobility by leveraging close relationships with education and innovation centers across the country. workforce. New Markets prides itself on adding value to our portfolio companies before, during and after the investment process, with the ultimate goal of improving both individual results and the workforce system. education in the United States.
Vice-President, Haymaker Group
SOURCE Ascent Credit