Trybe, a Brazilian coding school, closed on a $27 million Series B round, reaching a BRL 1.3 billion valuation. The funding round was led by Base Partners and Untitled and followed by XP, Global Founders Capital, Endeavor Scale Up Ventures, Verde, Luxor, as well as individual investors.
Founded in 2019 by Claudio Lensing, João Daniel Duarte, Marcos Moura, Matheus Goyas, and Rafael Torres, Trybe is an edtech focused on training technology professionals. The gap between the growing demand in the market for technology professionals and the contingent of skilled labor available is a huge problem in Brazil. Data from the Association of Information Technology and Communication Companies (Brasscom) estimates that the technology area will demand about 420,000 professionals by 2024, but the country trains only 46,000 people a year.
In two years, Trybe has already trained 20 classes of students and plans to end 2021 with 3,000 students. Trybe’s courses last 12 months, with a daily class load of 6 hours. Students have classes in web development (four modules) and socio-emotional skills; there are also specific classes for preparing for selection processes and editing the LinkedIn profile.
Trybe also has partnerships with more than 130 technology-based companies, such as CI&T, Ford, Localiza, Méliuz, ThoughtWorks, and XP, which contribute to the training design. The idea is to connect these companies that have a demand for web developers to students.
“Trybe’s goal is to provide high-quality education, capable of transforming lives, focused on what the market expects from technology professionals”, explains Goyas, Trybe’s CEO.
Trybe’s selection process is very competitive; according to the startup, more than 190,000 people have already applied to the school’s programming course, but the approval rate is only 2%. The edtech said that 94% of the people trained by the edtech were hired in the technology area within three months.
The funds raised will be allocated to the education, technology, product, and data areas. Trybe intends to hire up to 300 new employees and launch other pieces of training as early as next year, focused on Data, Mobile, and Cybersecurity. “All the quality we have built for our Software Development course will be replicated for the new pieces of training we will offer to start next year,” says Goyas.
This is the company’s third funding round. Trybe had already raised $21 million in two rounds (Seed and Series A) with investors such as Atlantico, Canary, Igah, Global Founders Capital, and Maya Capital, as well as renowned professionals such as José Galló, Nizan Guanaes, and Arminio Fraga.