Sunday, 10 July 2016

Code Institute Secures investment for growth

Code Institute

Code Institute, an EdTech company delivering Full Stack software coding education, has secured €500,000 syndicated investment from Kernel Capital and Enterprise Ireland.

Founded in 2014 to tackle the widening ICT skills gap across Europe, the Code Institute programme is fully accredited and certified by Edinburgh Napier University and is the only university accredited coding bootcamp across Europe.

Code Institute delivers intensive, certified “Bootcamp style” education programmes that provide graduates with job-ready coding skills that are immediately applicable in the workplace. The programmes are available online and in the classroom.

The syllabus for the Company’s Full Stack course was developed in conjunction with their Industry Advisory Council, including experts from companies such as PayPal, Morgan McKinley, Ogilvy, Accenture and Dell. Following the investment, Dr. Mícheál Ó Foghlú CTO, Red Hat Mobile and former co-founder & CTO of Kernel Capital Investee FeedHenry has joined the Code Institute’s Advisory Council.

The EU Commission has identified a shortage in ICT skills is looming, with 825,000 job vacancies predicted across the EU by 2020 due to a lack of digital skills[1]. To date, 94% of the Code Institute’s graduates have been successfully hired as ICT professionals within 3 months of graduation. This investment will be used to develop a suite of future courses and to support the Company’s international market expansion plan.

Commenting on the announcement Jim Cassidy, CEO Code Institute said:

“We are delighted that Kernel Capital has led this investment in Code Institute. There is a real shortage of people with coding experience both in Ireland and internationally and our intensive bootcamp course gives graduates the real-world coding and software development skills that are in demand. Our approach greatly reduces the time taken to get students job-ready, to date this has led to a 94% success rate for students being hired within three months of graduation.”

Orla Rimmington, Partner Kernel Capital said:

“Ultimately, there is no substitute for well-educated and talented people building great locally based companies; the shortage in digital skills is a concern for future growth in Ireland and abroad. Kernel Capital is pleased to support Irish Edtech companies like the Code Institute as they expand internationally and aim to help fill the gap in ICT professionals predicted across Europe by 2020.”

Welcoming the announcement Joe Healy, Manager of Enterprise Ireland’s HPSU Accelerate Department said:

“Edtech is one of the fastest growing sectors of the digital economy globally. Enterprise Ireland recognises the significance of the Edtech sector in ensuring that Ireland is at the forefront of technology and innovation and to secure sustainable economic growth. Ireland is already home to some leading education businesses and I have no doubt that this announcement by Code Institute will help accelerate a vibrant education and learning technology sector in Ireland.”

Donal Duffy, Head of Enterprise Ireland Relations at Bank of Ireland added:

“The Bank of Ireland Kernel Capital Seed & Early Stage Equity Fund continues to support innovative, high growth, export focussed companies that are addressing key challenges to national competitiveness on a global scale. The Code Institute links industry and academia by developing an extremely practical, hands-on diploma in software development delivered by sector experts. Bank of Ireland plays an active role with a number of educational institutions through funding, facilities and mentoring initiatives so this investment is particularly appropriate to our ethos.”