By Salvador Rodriguez
(Reuters) - Galvanize, a for-profit coding school that has raised $63 million in venture funding, plans to lay off 11 percent of its workforce, the company told Reuters on Tuesday.
The five-year-old startup said the downsizing will impact 37 people at the company's headquarters in Denver. The layoffs come as Galvanize shifts its focus to prioritize teaching online students and serving corporate clients, the company said in a statement.
"In order to adjust to evolving market demands we made the difficult decision to reduce our workforce today," Galvanize said. "These actions are consistent with our overall strategy to build a more product-focused platform that enables a continuous learning environment."
The layoffs come a month after two other coding boot camps, Dev Bootcamp in San Francisco and Iron Yard of Greenville, South Carolina, announced their plans to shut down by the end of 2017. In the past year, there have been eight closures of these schools, up from years past, according to review website Course Report.
Coding boot camps are for-profit schools that promise to train students how to be software engineers and land coveted tech jobs within a matter of weeks. The average tuition for coding boot camps is $11,400, according to Course Report.
Last month, Galvanize announced that co-founder Jim Deters would be stepping down as chief executive and becoming chairman of the company's board. The company has not yet named Deters' replacement, the company said.
(Reporting by Salvador Rodriguez in San Francisco; Editing by Lisa Shumaker)