Certiverse Raises $11M Series A Funding

Certiverse Secures $11 Million in Series A Funding

Certiverse, a platform specializing in professional certification, has announced the completion of an $11 million Series A funding round. This investment was spearheaded by Cherryrock Capital, as revealed this week.

Company Origins and Mission

Founded in 2019 by Ruben Garcia, Tyler Meadlin, Pablo Meyer, and Federico Lopez, Certiverse aims to revolutionize the creation of certification exams. The platform empowers organizations to develop these assessments at a significantly reduced cost compared to conventional methodologies.

Professional certifications have long been recognized as valuable tools for enhancing technical skills and career advancement, providing individuals with demonstrable expertise in specific fields.

Clientele and Industry Impact

Certiverse collaborates with a diverse range of organizations. These include prominent entities such as the technology-focused nonprofit The Linux Foundation and the software company HashiCorp.

CEO Ruben Garcia brings substantial experience to the certification sector. Prior to Certiverse, he co-founded and subsequently sold Innovative Exams, a company providing both testing and exam delivery services.

Addressing the Cost of Certification

Garcia emphasized the potential of certification to be “life changing events for leaders and professionals.” However, he also noted that developing comprehensive certification programs and exams can incur costs of up to $150,000 for a company.

“Our clients have developed up to 10 certifications in a single year utilizing our platform, with each exam costing less than $10,000,” Garcia stated.

Efficiency and Speed of Exam Creation

Traditional exam creation processes, employing established providers like Pearson VUE and Prometric, typically require approximately one year for completion.

Certiverse’s revenue model is strategically aligned with client success. The majority of revenue is generated after exam launch, as professionals begin utilizing the certification programs.

Fundraising Strategy and Investor Relations

Garcia described his fundraising approach as “focused.” The company initiated fundraising in early January, engaging with around 50 firms over a 45-day period.

“I remained focused on achieving the desired outcome,” Garcia explained. “Identifying the appropriate investors, swiftly, who share our vision and can facilitate our scaling efforts was paramount.”

The connection with the Cherryrock team originated through an existing investor. Additional participation in the round came from Chingona Ventures, Hyde Park Venture Partners, and Zeal Capital Partners. To date, Certiverse has secured a total of slightly over $16 million in funding.

Future Plans and Platform Development

The newly acquired capital will be allocated towards enhancing platform automation. This will streamline the exam creation process, making it more accessible to a wider range of users.

“Our objective is to prioritize scalability and onboard 1,000 new clients and partners onto the Certiverse platform,” Garcia concluded.

This article has been updated to accurately reflect the company’s founding year.