Udemy Seeks $100M Round

  • General
  • November 13, 2020
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  • 5 minutes read

 

Eren Bali, Co-Founder, Udemy.
Photo credit: TechCrunchlicensed under CC BY 2.0


Online education platform Udemy is seeking to raise up to $100 million in new funding at a valuation approaching $3.3 billion, as indicated by a new filing from the company that was first unearthed by the Prime Unicorn Index. Filings indicate that Udemy has authorized the issuance of new shares amounting to $100 million if they’re all sold and at a share price that’ll place the company’s valuation at $3.3 billion.

It’s unclear if Udemy has closed the sale of new shares and if it raised up to the amount it sought. Before now, the company was backed by over $220 million in outside funding including a most recent $50 million round that closed in February this year and placed its valuation at $2.1 billion.

Udemy is backed by some notable names including Stripes, Insight Partners, Norwest Venture Partners, and Prosus & Naspers. The online education company has likely seen a surge in activity amid a coronavirus pandemic that’s widely shuttered in-person learning and driven up the demand for e-learning.

Udemy is a platform where both individuals and corporate users can access thousands of courses spanning a broad range of topics. The company’s courses are taught by vetted teachers who then give Udemy a cut of their sales as payment for making use of its platform.

Udemy serves millions of individual students as well as over 7,000 corporate customers, according to figures on its site. It’s likely that the company is seeking to raise new funding after seeing a business surge amid the coronavirus pandemic. 

During this period, many other online education firms globally have raised large amounts of funding, among them Kahoot which recently closed $215 million from SoftBank; Udacity which recently closed a $75 million debt round; and Byju’s which picked up a $500 million round led by Silver Lake in September.



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