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The labor shortage in the IT sector has been a challenge for years to come

According to a survey commissioned by IVSZ, ITM and KIFÜ, employers in Hungary could hire 44,000 IT professionals in the next two years if they did not have to deal with labor shortages in the sector. According to the European Commission, in 2020, 825,000 people may have been missing from the labor market in the infocommunications sector at EU level. More than half of the industry players, 58 percent, said it was a challenge to find an IT professional with the right skills. The lack of professionals in the tech sector can jeopardize the competitiveness of companies and thus the development of the economy. According to IVSZ data, the digital economy already accounted for 25% of GDP in 2019. One of the keys to solving the problem can be the development and support of alternative trainings in addition to the traditional, university trainings. Investors have already recognized the potential for new forms of education: Dealroom analyzed that it grew by 94 percent in 2020, reaching $ 13 billion in the so-called Value of capital investments in the EdTech (educational technology) sector

That is why the good news is that the Codecool programming school has received more than HUF 2.5 billion in capital investments. The company, which is reforming the training of IT professionals and offering 3-12 month courses, is preparing for further expansion and product development with the support of its new partner, Integral Venture Partners, and its former investors, Lead Ventures and PortfoLion Capital Partners. Even in the first half of the year, the programming school will open another campus in the region, our video interview with the founder can be watched here.

With the help of Clairfield, Codecool’s investment advisor founded in 2014 by domestic businessmen, it has now closed its third successful round of capital raising with a HUF 2.5 billion agreement with Integral Venture Partners. Codecool’s total of € 12.5 million raised so far already represents the same scale as investments in the best-known players in the European programming education market – Ironhack € 22 million and Le Wagon € 17 million. The programming school currently has campuses in Romania and Poland in addition to Hungary, and already has more than 1,000 graduates working in the technology sector across Europe.

“We place great emphasis on developing corporate retraining programs as we experience that managers are increasingly open to retraining and retraining their existing employees, as it is often time-consuming and costly to find the right skills in the market, “said József Boda, CEO of Codecool.

Codecool also offers courses. also constantly expanding. Last year, in addition to full-stack trainings that also provided job guarantees, more specialized, 3-4-month, online IT courses were offered in the school’s offer, and other types of training were being developed in line with labor market needs. It is planned that the number of graduates of the programming school will increase to thousands per year by 2025.

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Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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