Career accelerator startup Pesto raises $2 Mn seed funding
Pesto, a career accelerator startup has raised seed funding of about $ 2 Mn led by Matrix Partners India. Swiggy Founders Sriharsha Majety, Rahul Jaimani and Nandan Reddy; Innov8 Founder Ritesh Malik; Posist Founder Ashish Tulsian and Jack Yeung of OIC Capital were among others who participated in this investment round.
Pesto is a Gurugram-based startup founded by Ayush Jaiswal and Andrew Linfoot. This career accelerator company offers 12-week bootcamp to make engineers Silicon Valley-ready.
As part of the training bootcamp, software engineers with a minimum of two years of experience are connected to mentors in the US and trained in soft-skills.
Pesto's hiring partners include Mimir HQ, Vaynermedia, Fossa.ai, Scale API, Embibe and Zinc.io
Rajat Agarwal, Vice President of Matrix India, shared in media, "Remote work is an early trend globally driven by a shortage of high-quality local talent, the rising cost of living in key technology hubs, and widespread adoption of enabling infrastructure. Pesto is on a mission to build a marketplace for quality remote talent from India and we strongly believe in their skilling led approach.”
Trainees at Pesto have to sign an income share agreement before joining the programme. Earlier, Ayush was quoted in media saying, "once the trained engineers earn over Rs 15 lakh per annum at a full-time remote job in an international tech company, they have to pay 17 percent of their annual income as training fee for the next three years, monthly."
Starting January 2019, Pesto has launched a new batch every month and accepts students on a rolling basis. Matrix Partners India closed its Fund III with committed capital of over $300 million earlier in January. It plans to continue investing in companies across seed, early-stage, Series A and B stages in different sectors.