Bellevue-based coding bootcamp startup Coding Dojo has secured $10 million in venture debt.
With the funding, announced Thursday, Coding Dojo plans to expand its reach and hire more employees. According to the company's co-founder and CEO Richard Wang, Coding Dojo aims to grow its roughly 210-person headcount by 20% over the next year.
"By the end of this year, we have the ambition to expand to 30 other countries," Wang said. "We are investing heavily in learning science, and we are continuing to launch new products."
Coding Dojo is currently in 13 countries, Wang said, and the company's employees are spread all over the world. He added that roughly 10% to 15% of the company's employees are based in the Seattle area. Coding Dojo's instructors are company employees and not contractors, Wang said.
Coding Dojo, founded in 2013, offers courses in subjects like software development, data science and cybersecurity. Course lengths vary depending on the subject and whether students are part time or full time, but courses generally last multiple months. Tuition fees, according to Coding Dojo's website, range from around $7,000 to $16,000.
The company offers online and in-person options. Wang said the company had to shut down its U.S. campuses due to Covid-19 but is slowly reopening them. Coding Dojo is reopening in San Jose and Burbank, California, and it is considering reopening in Bellevue as well.
In addition to individuals looking to gain new job skills, Coding Dojo also works with partner organizations that are looking to train their employees. According to Wang, Coding Dojo works with government agencies, nonprofits and corporations. Its clients include Amazon, Microsoft and IBM.
Coding Dojo has office space in Bellevue but downsized its physical footprint significantly during the pandemic, Wang said. Although employees can use the office, Wang said the company is working remotely and will make further decisions about its office space based on Covid-19 and employee preferences.
Eastward Capital Partners provided the funding. The firm has also invested in the Bellevue-based biotech Viome and the electric scooter company Superpedestrian.
As for why Coding Dojo went with venture debt instead of equity funding, Wang said the company didn't need to raise money but decided it was smart to have more capital given the tumultuous market conditions.
"We feel that we have strong growth and a strong cash position," Wang said. "This non-dilutive funding was the best way for us to acquire some capital and pay it back without diluting our shares."
