Central European programming and IT talent hub Codecool has recently closed a Series C investment round of €7 million and plans further expansion into Europe with two new campuses planned. This round now brings codecool’s total raise to €12.5 million.
The round was supported by new partner Integral Venture Partners, and saw participation from existing investors Lead Ventures and PortoLion Capital Partners. Financial advisory support was provided by Austrian firm Clairfield.
Founded in 2014 by Balázs Vinnai, Gabor Simon, and Jozsef Boda, Codecool currently operates in Hungary, Romania, and Poland, and to date, they count over 1,000 graduates successfully working in tech across Europe.
The investment falls inline with the European Commission’s data, indicating that 58% of tech related businesses that were surveyed report a shortage of IT professionals with the appropriate skillset. This shortage would put the EU at a significant competitive disadvantage, and therefore, cripple overall economic development.
Along the same line, Central Europe has long been a hub of IT outsourcing for the US, Western Europe, often rivaling India or China, and Codecool is aiming to be the key preparatory destination to continue this sector growth.
Putting their money where their mouth is, the school offers a full-stack course with a job guarantee, and they’ve recently added specialised 3 to 4 month IT courses.
“The investment enables us to continue our European expansion. Expansion, however, does not only mean increasing the number of our schools. Further developing our corporate re- and upskilling courses are also in our focus. Our experience shows that executives are increasingly open to train or reskill their existing employees, as it is often time-consuming and costly to find new experts with appropriate skills on the labour market.” comments CEO of Codecool József Boda.