Galvanize, a Denver-based company that offers startup office space and education programs, said Monday it has raised $45 million in a Series B round. ABS Capital Partners led the round and other investors include: former Microsoft CFO and chairman of the board at Expedia Greg Maffei, Colorado Impact Fund, Haystack Partners, Aspen Grove Capital and existing investor University Ventures.
Galvanize’s hybrid model combines office space with a programming school, access to investors and mentorship. The new funding round will allow Galvanize to give more people access to its web development and data science programs and train corporate employees to add technology skills. Galvanize boasts a job pipeline to big corporations like Amazon, Salesforce, IBM, All State, Pivotal, and Tesla.
“By offering the most comprehensive training on the market, our students achieve true mastery, making them ‘job ready,’ which our industry partners recognize as essential and nets our alumni a meaningful increase in earning potential,” Jim Deters, CEO and co-founder of Galvanize said in a statement.
Last year, Galvanize opened up a campus in Seattle’s Pioneer Square neighborhood leasing the entirety of a five-story, 71,000-square-foot building at 111 S. Jackson. Galvanize has eight other campuses in seven cities around the country, including: Denver, Boulder and Ft. Collins in Colorado, as well as San Francisco, Austin, Phoenix and New York City, where the company is working out of a temporary space as it builds out a 55,000-square-foot campus set to open next year.
Galvanize said more than 700 companies work out of its startup spaces, up from about 150 two years ago. At the Seattle location, a seat runs $349 a month, reserved desks go for $499 a month and an office suite for five to 15 people goes for $2,750 a month.
As the tech industry continues to grow, so to has the need for skilled workers. For years now, that demand has outpaced the supply of people. As a result, coding schools have popped up in Seattle and all around the country. Right now, many of these schools place a large majority of students in good jobs soon after graduation. But some experts fear we are heading for a coding school bubble that could burst over the next couple years.