[Funding alert] Edtech startup Udemy secures $50M investment from Benesse Holdings
Edtech startup Udemy on Thursday said Benesse Holdings has agreed to invest $50 million (about Rs 358 crore) in the company.
The deal values Udemy at $2 billion, according to a company statement.
The company plans to further invest in markets around the world and will expand its San Francisco headquarters as well as grow its offices in Denver, Colorado; Dublin, Ireland; Gurugram, India; Sao Paulo, Brazil; and Ankara, Turkey, it added.
Udemy's investors include Insight Partners, Prosus (Naspers Ventures), Norwest Venture Partners, and Stripes.
Benesse is an important (long-time) strategic partner for Udemy, and this investment is a testament to the strength of our relationship and the opportunity ahead of us, Udemy CEO Gregg Coccari said.
He added that 2020 will be a milestone year where the company intends to serve more students and enable thousands of businesses and governments to upskill their employees.
Tamotsu Adachi, Representative Director, President and CEO of Benesse Holdings, 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," Adachi said.
Udemy has raised funding in excess of $200 million. The company completed 10 years in January this year and has given out over $350 million in lifetime payments to instructors on its platform.
In 2019, Udemy for Business (its subscription-based corporate learning product) reached over 5,000 customers globally. These included companies like Adidas, Booking.com, Pinterest, Toyota, and Wipro, among others.
Recently the Udemy app has recorded over 10 million installs on Google Play Store and is one of the top-rated apps in the education category.
The platform counts over 40 million students from across the globe. On the Udemy app, users can choose from more than 130,000 learning courses in over 60 languages.