William Lippolis, Founder & CEO at ApprentiScope
SOMERVILLE, Massachusetts (November 17, 2022) - Workforce technology startup ApprentiScope, whose software helps companies scale apprenticeship and work-based learning programs, announced today the closing of its fully-subscribed Series Seed round led by River Valley Investors (RVI). This round increased the company's valuation by more than 150% since it first raised capital in 2020, which reflects investors' confidence that ApprentiScope has strong product-market fit and is poised for significant growth.
"ApprentiScope is a game-changer. It’s cut our management time in half, giving us an enormous amount of time back to focus on growing & improving our programs. Our employers, instructors, staff, and apprentices love it."
Training Director, Builders Association of North Central Florida
Since its inception, the company has averaged triple-digit growth year-over-year, with no signs of slowing. In 2021, they grew headcount by 300%, revenue by 400%, and reached profitability.
This year, they've nearly doubled revenue, closed their largest funding round, and expanded an already impressive list of Fortune 500 customers, including the likes of Aramark, American Electric Power (AEP), and Xcel Energy. With over 2,000 companies using their software nationwide, ApprentiScope has quickly become the leader in the space.
"Registered Apprenticeship is a proven model that businesses use to create reliable and cost-effective talent pipelines for in-demand positions. The problem, and key factor in low participation rates in the U.S., are burdensome tracking & compliance requirements that make them difficult to scale," Lippolis says. “Imagine running a business without payroll software or an enterprise sales organization without Salesforce. That's where the Apprenticeship space was only a few years ago and why I started ApprentiScope."
The company is creating a buzz with investors too. Since their first meeting, RVI member and lead investor in the round, Jim Stanczak, has been continually impressed by Lippolis.
“The first time I heard Will pitch, it seemed like such an obvious whitespace. As companies worldwide struggle to find talent, Apprenticeships have surfaced as a highly-effective workforce development strategy for a wide range of industries – from Plumbers to Chocolatiers to Cybersecurity Analysts,” Stanczak said.
“ApprentiScope has built the operating system that will enable these programs to be successful over the long term as they scale. Will and his team’s ability to listen deeply to customers, build exceptional products, and maintain a keen eye for design give us tremendous confidence in the company's ability to continue to lead in the space. We're incredibly excited about the future of ApprentiScope.”
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About ApprentiScope
ApprentiScope is on a mission to address the global talent shortage by making modern Registered Apprenticeships scalable and accessible to all. Founded in 2018 by William Lippolis, the company has quickly become an industry-leading solution that’s helping thousands of organizations meet their growing talent needs through Registered Apprenticeships by dramatically reducing the administrative burden required to run them. Learn more at https://www.apprentiscope.com
About River Valley Investors
River Valley Investors is an online angel investor group that provides access to a carefully curated portfolio of investments, low investment minimums, and rapid due diligence. Learn more at https://rivervalleyinvestors.com/investors/
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