Jolt, the flexible business school offering affordable alternatives to traditional MBA courses, has raised a further $14.1 million, led by Balderton Capital, to help professionals further their careers through its revolutionary education programs.

This takes its total raised to $23.3 million.

Since launching its first campus just two years ago, Jolt now has three sites in London in Shoreditch, Soho and Liverpool Street, seven across Israel and is finalising plans to launch campuses in Manhattan in 2020.

In London alone, Jolt is now bigger than London Business School in terms of student numbers, with enrollments growing 25% month-on-month, while being 18 times cheaper.

Jolt was founded in 2015 by entrepreneurs Roei Deutsch, Nitzan Cohen-Arazi and Nadav Leshem. Disillusioned by the current higher education system bubble and falling student numbers, the trio used past experiences in alternative training and education programs to launch Jolt’s live video courses marketplace in 2016.

A year later, Jolt opened its first student campus in Tel-Aviv, providing affordable and flexible alternative diplomas to the expensive, stilted MBAs offered by traditional educational institutions. Each of Jolt’s campuses provide high-end, live video lessons and workshops run by the very best global business leaders from the likes of Google, Netflix and Tesla.

“Higher education is in a bubble in which a staggering $2.3 trillion is invested every year in something that works for a small minority of people,” said Jolt CEO Roei Deutsch.

“Data shows more than three quarters of graduates believe many higher education programs are no longer fit for purpose; trust and confidence in academia haves nosedived in recent years, and the number of applications for MBA courses across most major establishments has fallen.”

The latest round of funding has been led by Balderton Capital, alongside Hillsven Capital and Octopus Ventures. Hillsven Capital also took part in Jolt’s pre-Seed round which was led by UpWest in 2016.

James Wise, Partner, Balderton Capital added: “There is a rapidly increasing demand from both employees and employers for more adaptive forms of professional education. Jolt combines a powerful tech platform with a deep understanding of how people really learn to fulfill this demand, giving the learner complete control over when, what and with whom they study.

“We believe Jolt has the potential to help tens of millions of students, who couldn’t otherwise afford the time or cost of a traditional business school, to gain new skills and meet new people.”

Jolt’s Series A funding round takes the total raised by the firm to $23.3 million in just three years and the company plans to use the funding to further its expansion across the UK, Israel and into the US.