Gigafund led a series C round for the GV and Stripe-backed online coding school to increase its overall funding to approximately $122m.
Lambda School, a US-based computer science academy backed by internet and technology group Alphabet and payment technology producer Stripe, secured $74m in series C funding on Friday.
The round was led by venture capital firm Gigafund and also featured Tandem Fund and Y Combinator according to TechCrunch. Stephen Oskoui, co-founder and managing partner of Gigafund, will join the company’s board of directors in connection with its investment.
Founded in 2017, Lambda School runs an online education platform that equips students with a computer science skillset taking into account job requirements at hundreds of technology companies.
The programme can be completed in nine months by full-time students or in 18 months studying part time. Lambda does not request tuition fees upfront, instead charging students a percentage of their earnings above $50,000 for two years, with a payment cap of $30,000.
The series C capital will enable the company to refine its curriculum and improve the way it supports graduates in finding employment.
Alphabet subsidiary GV participated in a $30m series B round for the company in January 2019 that was led by Bedrock Capital and also backed by Y Combinator, Sound Ventures, Vy Capital and GGV Capital.
GV had already led Lambda’s $14m series A round in late 2018, investing alongside Stripe. The company had secured $4m in a seed round co-led by Y Combinator and Tandem Capital earlier the same year.