The company will utilize the fresh capital to grow its consumer and business product offerings to serve the world’s learners, organizations and instructors
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Online learning platform Udemy on Thursday announced that it has raised $50 million in a series F round of funding at a $3.25 billion pre-money valuation. The funds were raised from global edtech and growth funds including Learn Capital. The company will utilize the fresh capital to grow its consumer and business product offerings to serve the world’s learners, organizations and instructors.
Founded in 2009, Udemy helps any individual or organization to find an instructor who will help them to stay ahead. The company boasts that its instructors are real-world practitioners and has knowledge on the latest technologies and business strategies. Currently the company founded by Gregg Coccari has 35 million students globally and they learn from 57,000 instructors who teach over 130,000 courses.
Commenting on the company and how the pandemic has further boosted online learning, Coccari said, “This year upended everything about how we live and work, and people everywhere turned to online learning to help them meet new challenges. We’re perfectly positioned to meet these demands and help drive success for individuals, businesses and governments.”
Adapting to the ‘new normal’ and inculcating the work-from-home culture to stay safe from the virus, along with the need to upskill for better opportunity, there has been a significant rise in enrollment in Udemy. The company claimed that course enrolments across the entire Udemy marketplace platform increased by more than 425 per cent, consumption across Udemy for Business rose by 90 per cent and it saw a 55 per cent in course creation by instructors.
Udemy for Business was incepted to provide a platform for new-age workplace learners. Udemy for Business currently has over 7,000 courses on skills.
Commenting on the investment, Rob Hutter, managing partner at Learn Capital, said, “Our latest investment underscores our continued confidence in the company. We believe Udemy has the right platform and business architecture to dramatically extend its growth as individuals and companies recognize the power of lifelong learning to drive personal and corporate performance.”
Goldman Sachs & Co. LLC. served as a placement agent in this round.