Illustration: Rebecca Zisser / Axios
Guild Education, a Denver-based education benefits platform for Fortune 1000 companies, raised $157 million in Series D funding led by General Catalyst at a $1 billion post-money valuation.
Why it matters: Guild's mission is to help workers catch the increasingly elusive American dream, by better enabling them to obtain degrees and credentials required for higher-paying jobs.
- Other investors included Emerson Collective, Iconiq Capital, Lead Edge Capital, and return backers Workday Ventures, Salesforce Ventures, Next Play Capital, Silicon Valley Bank, Felicis Ventures, Bessemer Ventures, Redpoint Ventures, and Harrison Metal. General Catalyst partner Ken Chenault, former CEO of American Express, will join Guild's board of directors.
The bottom line: "The cost of digital education for higher ed just keeps skyrocketing, and Google and Facebook are making a killing on it. Universities typically spend between $4,000-$6,000 to acquire a Bachelor's student and up to $14,000 for a Masters degree student. We get paid out of the savings universities realize for not having to pay through those channels," Rachel Carlson, co-founder and CEO of Guild Education, said.