- General
- November 3, 2020
- 4 minutes read
Udacity Nabs $75M Debt Round
Sebastian Thrun, Co-Founder and Executive Chairman, Udacity.Photo credit: TechCrunch, licensed under CC BY 2.0 Online education company Udacity has said it’s raised $75…
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| Sebastian Thrun, Co-Founder and Executive Chairman, Udacity. Photo credit: TechCrunch, licensed under CC BY 2.0 |
Online education company Udacity has said it’s raised $75 million in debt funding that’ll be used to invest in its platform to target more business customers. The funding for the company comes on the heels of a coronavirus pandemic that’s largely driven up the demand for online education services, wherein Udacity is no exception. The company says its enterprise bookings are up 120% year-over-year as it works on a pivot towards that space rather than individual learning.
Before now, Udacity is known to have raised nearly $170 million in funding from a group of investors including well-known names like Baillie Gifford, GV, Drive Capital, Emerson Collective, and Andreessen Horowitz. On the other hand, the company’s new debt funding came entirely from a single investor, Hercules Capital, which is a publicly-traded venture financing firm.
Udacity will majorly use its new capital to boost its enterprise education business which now makes up 80% of the company’s total business. The company has already courted a handful of enterprise customers which it says currently includes “five of the world’s top seven aerospace companies, three of the Big Four professional services firms, the world’s leading pharmaceutical company, Egypt’s Information Technology Industry Development Agency, and three of the four branches of the United States Department of Defense”.
