Tech apprenticeship and coding school Kenzie Academy on Monday announced it has lined up $100 million in tuition financing to help incoming students pay for training.
Indianapolis-based Kenzie said the financing will help it offer programs across the country. The financing is backed by San Francisco-based Community Investment Management, an institutional impact investment manager.
Kenzie Academy’s college-alternative model offers six months to one year of on-campus or online training in software engineering, UX engineering or digital marketing, plus opportunities for an optional apprenticeship. Students aren’t required to pay tuition until they get a job earning at least $40,000 annually.
The company in late September announced it had secured $7.8 million in venture funding in a Series A round led by New York-based ReThink Education.
Kenzie has 400 students. That’s up from 75 last year, Kenzie officials said.
While Kenzie teaches students at its Indianapolis facility at 47 S. Meridian St., many of its students attend classes through real-time video conferencing and the Internet. Kenzie has students in 40 states.
The academy said it has the goal of attracting 10,000 new students in the next three years.
Kenzie charges $24,000 for annual tuition, but lets students begin classes for a $100 fee and an income sharing agreement that defers tuition until after the student lands a job.