Codecademy, the online learning platform, has announced its Series D fundraise of $40M led by Owl Ventures and with participation from Prosus and Union Square Ventures.
Codecademy will use the capital to accelerate its DTC and B2B growth, including new products and learning solutions, expanded curriculum, and a greater footprint in growing global markets like India.
Since 2011, Codecademy has been a provider of online coding education, helping over 50M learners from over 190 countries.
The company has been cash-flow positive for over two years, and has consistently grown in new users and revenue. In 2020, Codecademy saw its uptick in sign-ups and bookings yet, with over five million new users, 150k paid subscribers of Codecademy Pro, and 600 customers of Codecademy for Business.
Codecademy has been highly selective about raising capital, closing its last Series C round in 2016.
“We have ambitious goals to help hundreds of millions of people access our learning platform and unlock the skills they need to lead better lives,” said Zach Sims, CEO and co-founder of Codecademy. “While we have seen tremendous success on our own, we are excited to accelerate our growth even further by partnering with Owl Ventures, whose unparalleled experience and expertise in edtech will help us surpass our goals and make Codecademy the premier technical learning platform for consumers and businesses globally.”
“Codecademy has been on our radar for a long time, as one of the early, long-standing leaders in online learning,” said Amit Patel, managing director of Owl Ventures. “We could not be more excited to help the team continue its impressive growth trajectory and deliver its mission to empower the world with technical skills.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.