Argentina’s Digital House raises over $50M to help solve LatAm’s tech talent shortage
Digital House, an edtech firm based in Buenos Aires which is focused on developing tech talent through immersive remote courses, announced today it has raised over $50 million in new funding.
It is rather notable that two of the primary investors are not venture capital firms but tech giants. They are Latin American e-commerce giant Mercado Libre and San Francisco-based software developer Globant. Some of the other participators are Riverwood Capital, a Menlo Park-based private equity firm, and early-stage Latin American venture firm Kaszek.
This newest round of funding brings Digital House’s total funding raised to over $80 million since it launched in 2016. Marking its first investment in Latin America, The Rise Fund spearheaded a $20 million Series B for Digital House in December 2017.
Nelson Duboscq, CEO and co-founder of Digital House, said that demand for the startup’s online courses is fueled by accelerating demand for tech talent in Latin America. Since launching its classes in 2016, the firm has seen a 118% CAGR in revenues and a 145% CAGR in students. Digital House expects “and is on track” to be profitable this year, according to Duboscq.
In 2020 alone, about 28,000 learners used the platform across Latin America. The company projects that that number will increase to over 43,000 in 2021. About 50% percent of its business comes out of Brazil, while 30% come out of Argentina and the remaining 20% from the rest of Latin America.
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