Edtech startup Udemy recently announced that it has raised $50mn from an existing Japanese investor Benesse Holdings, Inc. The recent investment by the investment firm was made at a valuation of $2bn.
The company in a statement described this funding as a part of expansion funding.
The company is planning to use these funds to invest in markets around the world like Japan, India, and Brazil. The company will set up offices in Gurugram, Haryana along with offices in international cities like Denver, Dublin, São Paulo, Ankara. It also plans to expand its San Francisco headquarters.
Talking about the recent funding, CEO of Udemy, Gregg Coccari said, “Udemy is on a mission to improve lives through learning, and so is Benesse. 2020 will be a milestone year where we serve millions of 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.”
Commenting on the investment, Tamotsu Adachi, President, and CEO of Benesse Holdings Inc. said, “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.”
At the time of its last funding of $60mn, the company was valued at $710mn. The company has raised $200 so far from investors like Stripes, Naspers, Learn Capital, and Insight Partners. To date, the ten-year-old startup has marked over $350mn in lifetime payments to instructors sharing the knowledge on the platform.
Last year, Udemy grew its Udemy for Business subscription-based corporate learning product internationally with a fully localized product experience and new course collections in languages like Japanese, Spanish, Portuguese, and German. These languages are taught by native instructors.
The company also introduced Learning Paths, enabling organizations to build personalized learning experiences to achieve specific outcomes, such as employee onboarding and career development. Udemy for Business serves over 5,000 corporate customers globally including companies like Adidas, Booking.com, Pinterest, Toyota, and Wipro.
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