Lambda School, where students don’t pay until they land a $50,000 tech job, graduates its first cla.ss.
While the tech industry offers some of the highest-paying and fastest-growing jobs in the U.S., obtaining one is still out of reach for many Americans. Particularly for those who are looking to make a career change, it’s expensive. Tuition for six-month coding schools can run upwards of $10,000, and some graduates still have to complete an internship or two before employers will consider them for an entry-level job engineering job.
Enter Lambda School, a nearly year-old startup that aims to remove some of the traditional barriers that have scared students away from coding schools in the past. Today, Lambda School announced that it has closed a $4 million seed round, led by Y Combinator and Tandem Capital. The school has also graduated its first batch of 20 students from its software engineering course — five of whom already have job offers a week after graduation.
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Lambda School is one of a number of new tech school entrants that is giving students the option of paying for their education via an income-share agreement, rather than paying for tuition upfront. The idea is to reassure students, some of whom may have felt that their previous degrees or training have been worthless in the job search, that Lambda School’s main goal is to prepare them for a job.
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