The investment, which was co-led by Sapphire Ventures and Riverwood Capital, values the company at $1.4 billion. Dan Levin, former COO of Box (NYSE:BOX), will succeed Chris McCarthy as CEO of Degreed. McCarthy will remain in a strategic advisory capacity and sit on Degreed's Board of Directors.

Degreed is the workforce upskilling platform for one in three Fortune 50 companies. We connect all your learning, talent development, and internal mobility opportunities to intelligence on the skills your business needs next. And we do it all in one simple, fluid, skill-building experience that's powered by your people's expertise and interests. So you can transform your workforce from within. Founded in 2012, Degreed is headquartered in Pleasanton, California, with additional offices in Salt Lake City, New York, London, Amsterdam, and Brisbane.