Degreed raises US$153m in Series D, names new CEO

Upskilling platform Degreed announced on April 13 that it has raised US$153 million in a Series D funding round co-led by Sapphire Ventures and Riverwood Capital, almost doubling its total known capital raised—it is estimated to have drawn approximately US$335 million in investments to date.

This latest investment, which values the company atUS$1.4 billion, comes less than a year after a U$32 million round last June that was led by Owl Ventures. The company says that the funds will be used to “accelerate product development, enhance data infrastructure, fuel global expansion, and pursue strategic acquisitions.” Some of the areas it plans to improve are reporting, analytics, security, and integration with other platforms or functions.

At the same time, Degreed announced that Chief Executive Officer Chris McCarthy has stepped down due to a chronic medical issue. He has not left the company, however, and will continue as a strategic advisor. McCarthy has been with Degreed for almost eight years, first as Chief Operating Officer then as CEO, and led it through a period of significant growth during his tenure at the helm.

Dan Levin, the former Chief Operating Officer of cloud content management company Box, has taken over as CEO of Degreed with immediate effect. Levin has years of experience with technology startups, both as a senior executive and as an investor. Before joining Box, he was an operating partner with Khosla Ventures, and spent a year as interim CEO of fundraising startup Picateers.

McCarthy said of his successor's appointment: “After a months-long process, we're thrilled to have someone of Dan's caliber driving the next phase of our growth. Dan's extensive experience scaling high-growth companies aligns with our future trajectory. He's not only a great operator, but an exceptional leader and coach who is deeply connected to Degreed's mission.”