InternMatch, an edtech startup which places college graduates and students into internships worldwide, has raised USD10 million in a Series A round funding led by Doma Group, a Canberra-based property developer.
InternMatch was founded by former accountant Gerard Holland in 2016, as Outcome.Life, and was primarily involved in assisting international students to choose where they study.
Mr. Holland was quoted as saying that after nine months, the company realised that it was focusing on the wrong problem. He said that the company realised that the major problem was not getting a degree, but was in fact, getting a job.
Since inception, InternMatch has placed more than 10,000 students with internships globally. Technology and engineering related fields have proven to be the most sought after. Over 65 percent of the interns placed were offered regular positions at the end of their internships.
Universities and governments pay InternMatch to place students into internships, and the company in turn charges companies a recruitment fee if interns are hired by the end of the 12-week placement period.
InternMatch has worked consistently with the University of Sydney, the Victorian Government, and the University Group to place interns looking to gain experience with companies such as Blackmores and Coca-Cola.
Mr. Holland was quoted as saying that with the right training, the prevalent demand for digital skills could be adequately bridged by students, career changers and graduates using the right recruitment strategy.
InternMatch’s potential to scale
Existing investors in InternMatch, and Henslow, the investment advisory firm that facilitated the funding round, also participated in the Series A round which closed earlier this year. The funding was announced this week.
Managing Director of Doma Group, Jure Domazet, stated that the company had made a decision seven years ago that 10 percent of its balance sheet would be unrelated to property investments.
Doma Group has made investments in companies such as ASX-isted Atomos, utility business Compare & Connect, and drone company Department 13.
Mr. Domazet, in a statement, said that he was impressed by the global scalability potential of InternMatch, and added that the business model of the company allowed for a winning proposition for all stakeholders, including students, universities and companies looking to hire interns.
Mr. Holland also stated that the revenue of InternMatch had grown by 400 percent since its expansion in the United States, Canada and Britain almost 18 months ago.
He said that the capital raised by the company would be utilised to enhance international growth, which would include building a global network of companies that would appeal to governments and universities.
He added that no other company has been able to deliver on the model that InternMatch has adopted.
The company plans to invest in personalisation features driven by machine learning, and intends to scale-up its pre-internship training program aimed at upskilling interns.
Managing Director of Henslow, Chris Tait said that the round, which was oversubscribed, had evinced strong interest from investors. He said that his company was impressed by the passion of the InternMatch team to tackle the global employment crisis, and recognised the value in helping them achieve their desired outcome.