NEW YORK, Feb. 23, 2021 /PRNewswire/ -- Codecademy,
the online learning platform teaching the world to code, 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 leader in online coding
education, helping over 50M learners
from 190+ countries unlock in-demand technical skills to improve
their careers and livelihoods. The company has been cash-flow
positive for over two years, and has consistently grown in new
users and revenue. In 2020 -- a year defined by the sudden need for
accessible, interactive online learning -- Codecademy saw its
largest 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. While investor interest in
the company and edtech category has been at an all-time high, it
was the opportunity to partner with Owl Ventures, the largest
edtech-focused venture capital fund, that drove Codecademy's
decision to take on additional capital.
"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."
Recent developments at Codecademy include:
- CFO Hire: In November
2020, Codecademy welcomed its first-ever CFO and C-Suite
hire, Adam Goldman, who brings over
20 years of edtech and SaaS experience, most recently as the head
of Chegg's textbook business. Adam will oversee growth for
Codecademy and build its corporate development function.
- B2B Launch: Codecademy launched its first B2B product,
Codecademy for Teams, and saw 350% growth in bookings after its
first year in beta. Codecademy will continue expanding B2B
offerings, including bespoke learning and onboarding experiences
for organizations.
- COVID-19 Impact: At the onset of the pandemic,
Codecademy launched initiatives to expand online coding education
for people in need. Through a student scholarship program and
worker support campaign, Codecademy donated over 200k free memberships to students and laid-off or
furloughed workers.
About Codecademy:
Codecademy is the leading
online learning platform for technical skills, helping over 50
million people access high-quality, interactive coding education at
their fingertips. Codecademy makes learning to code engaging,
flexible, and accessible, empowering people to transform their
lives and build something meaningful with technology. Codecademy
works with individuals and organizations, with Codecademy for
Business supporting companies as they train employees and build
their teams' confidence. Codecademy also works with government
partners, including the White House, UK, and Brazil, as well as major tech companies like
Amazon and Google to develop curriculum. Headquartered in
New York City, the company has
raised $82.5M from investors
including Owl Ventures, Prosus, Union Square Ventures, Kleiner Perkins, Index Ventures, and Y
Combinator.
About Owl Ventures:
Owl Ventures is the largest
venture capital fund in the world focused on the education
technology market with over $1.2
billion in assets under management. The Silicon Valley-based
firm invests in the world's leading education technology companies
across the education spectrum encompassing PreK-12, higher
education and future of work (career mobility/ professional
learning). Owl Ventures has deep domain expertise and leverages a
global network of Limited Partners, investors, and strategic
partners to help entrepreneurs scale their businesses into
transformative category-leading companies.
Media Contact:
Andrea
Hackett
ahackett@codecademy.com
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SOURCE Codecademy