Online learning platform Udemy is in advanced talks to raise around $100 million in a new private funding round that will value the online learning platform at over $3 billion.
San Francisco-based Udemy has seen a boost in subscriptions this year as more people have stayed at home and opted for online learning due to the COVID-19 pandemic.
The fresh capital would follow the $50 million Udemy raised in a Series E round from Japanese publisher Benesse Holdings at a valuation of $2 billion in February.
Edtech companies have seen faster and wider adoptions as more people switch to remote learning due to restrictions during the pandemic. Private funding in the sector has surpassed 2019 levels, with over $4.8 billion raised by August 2020, according to CB Insights.
In July, Coursera, another major online classes provider, raised $130 million as part of its Series F funding.
Udemy has seen growing demand from its consumer-faced marketplace, as well as its corporate learning service, Udemy for Business, which has achieved $100 million annual recurring revenue, the company said this week. The service counts companies including PayPal, Apple and Unilever as its customers.
Between February and March, Udemy has seen a 425% spike in enrollments for individuals. It is also expanding footprints to fast-growing markets including Brazil, India and Japan.
Employability Rankings 2020: Glad to share that India has been featured among the top 15 countries with universities producing the most employable graduates. India has improved its ranking from 23 in 2010 to 15 in 2020. @timeshighered
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