Virtual internships is doing the same thing as remote work for many employees, by partnering with over 12,000 companies from 100 countries. The edtech startup announced today that it has raised $14.3 million in a Series A round led by Hambro Perks.
Virtual Internships uses artificial intelligence to match students at scale with internships at companies ranging from startup to blue chip and guarantees a match within a month. The companies that are its host companies are: Amazon.com, GAM Investments, Asian Development Bank, and Biopharmaceuticals of South Korea.
Over 70% of interns work directly with a founders or C-suite executive and the platform also trains students before and during internships. At the end of their internship, they have access to weekly check-ins, group discussions, webinars and coaching calls. Approximately 25% of students who complete an internship through the platform are invited to continue working with their matched company and 70% are working in full-time roles within three months of their internship.
Out of 260 million students in higher education around the world, less than 80 million internship are done. Many students feel that their universities don't give them enough career support Many top internships are not accessible due to time commitments.
He said that virtual internships give students around the world access to global, structured internships that they can do at any time and from anywhere. It allows employers to create a talent pool and universities to support specific audiences.
Virtual Internships was founded by Nivern and Edward HolroydPearce in 2006 to help students get internship opportunities in Asia. They created Virtual Internships to help students find jobs no matter where they are, because they realized there was a bigger market of students who wanted to do international internships.
Virtual Internships has increased its revenue from $100,000 in the first year to $4.1 million in the second year and expects to hit $10 million by the third year. Virtual internships are included in the curriculum of most universities. It works with governments and universities.
Forage, Multiverse, and Riipen are some of the companies that compete with Nivern. VirtualInternships differentiates by partnering with universities and governments to offer guaranteed internships that can lead to employment.
The funding will be used to grow the teams. Along with emerging markets like the Middle East, Africa and Southeast Asia, it will add partnership development teams in the US, UK and Australia.
Nivern says Virtual Internships will work on a post-internship employability portal that will allow companies to find potential employees from its database of students and graduates.
Nicholas Sharp said in a statement that virtual internships are addressing the needs of a more digital working world and providing opportunities for young people from all walks of life to be part of the globalized economy. The global network that the team is creating through the platform is unique and exciting, and we are excited to support them through their next stage of growth.
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