GV, an early-stage corporate venturing subsidiary of internet and technology conglomerate Alphabet, has backed a $30m series B round for US-based computer science academy Lambda School, according to the New York Times.
The round was led by Bedrock Capital and also featured fellow venture capital firms Vy Capital, GGV Capital and Sound Ventures as well as accelerator Y Combinator. It valued Lambda at $150m.
Founded in 2017, Lambda School provides a six-month online computer science course. It does not charge upfront fees, but graduates pay 17% of their income for two years if they secure a job with a salary of at least $50,000, with total payments capped at $30,000.
The approach, known as an income sharing agreement, has also been explored by traditional institutions such as Purdue University.
Lambda School will use the funding to expand its offering into other subject areas, with a focus on understaffed industries such as nursing and cybersecurity. It also plans to enter Canada in the first half of this year, having already expanded into Europe.
GV and payment technology developer Stripe previously contributed to a $14m series A round for the company in October 2018, after Y Combinator and Tandem Capital had co-led a $4m seed round nine months earlier.
Lambda School participated in Y Combinator in 2017 and is likely to have received the typical $120,000 investment from the accelerator as part of the initiative.
