ImpactAlpha, February 19 – Mexican human resources advisory group GIN Group is backing startup Holacode to support technical skills development among an underserved demographic group: young migrants and refugees.
Holacode offers a five-month coding bootcamp to teach high-tech skills to young Mexicans who have been deported from the U.S. and to refugees from Central America. The program aims to fill a tech skills gap in Mexico and improve individuals economic opportunities and mobility. The company says 90% of its first cohort of students secured jobs as software engineers earning 33,000 pesos monthly. (The average monthly income in Mexico is less than half that amount.)
Income-share funds expand college finance options for low-income students
The coding program’s income-share model is similar to that of international peers like U.S.-based Holberton School, which charge students no tuition upfront; instead, they base payment for their instruction on students landing jobs or reaching a certain income threshold. Holacode’s approach is to partner with financial organizations that provide Holacode students with low-cost loans and devise repayment terms based on students’ employment and income.
GIN Group is committing an undisclosed amount to Holacode via its venture fund GINcapital. Holacode’s other backers include Mexico City-based education impact investor Connovo.
Replication is Connovo’s innovation for improving education in Mexico