Digital learning platform Udemy, the San Francisco-based firm has announced picking up $50 million as part of its Series E round financing led by Japanese firm Benesse. The round now values the firm over $2 billion.
Before this round, Udemy had secured $60 million in the Series D round that came in 2016 and was led by Prosus & Naspers. The other backers of the firm include the names like Insight Partners, Stripes, Norwest Venture Partners, MHS Capital, Learn Capital, Lightbank, and others. The current infusion takes the total amount raised by the firm to $223 million.
Udemy was founded in 2010 by Eren Bali, Gagan Biyani, and Oktay Caglar as a platform offering a marketplace that is over 150,000 online learning courses from business analytics to ukulele lessons. The platform has over 57,000 expert instructors who make the video courses available for various types.
Udemy plans to use the freshly raised capital to expand its reach and grow their offices across the globe. It plans to increase the workforce in Denver, Colorado; Dublin, Ireland; Gurugram, India; Sao Paulo, Brazil; and Ankara, Turkey.
Gregg Coccari the CEO of the company says that “We’ve worked closely with Benesse for several years, and this investment is a testament to the strength of our relationship and the opportunity ahead of us. Udemy is on a mission to improve lives through learning, and so is Benesse. 2020 will be a milestone year where we serve millions more students and enable thousands of businesses and governments to upskill their employees. This growth wouldn’t be possible without our expert instructors who partner with us every step of the way as we build this business.”
Benesse CEO Tamotsu Adachi commenting on the financing said that “Access to the latest workplace skills is crucial for success everywhere, including Japan, and Udemy is the world’s largest marketplace enabling professional transformation. With this partnership, we envision a world where more people can continue to learn continuously throughout their lives. Udemy and Benesse are incredibly synergistic businesses. This investment is the next progression in our business relationship and demonstrates our confidence in what we can accomplish together.”
Image courtesy : Udemy