General Atlantic Leads $70 Million Round for Education Site
(Bloomberg) -- Crehana, an online learning platform that operates across Latin America, has raised $70 million in a financing round led by General Atlantic.
The proceeds of the round will be used to expand Crehana into Brazil while cementing its position in the markets where it already operates, said chief executive officer and co-founder, Diego Olcese, in an interview. Crehana is currently in Mexico, Colombia, Peru, Chile and Argentina.
General Atlantic, a growth equity firm known for backing big-tech names including Airbnb Inc. and Uber Technologies Inc., invested in Crehana because it “fits well in our investment theme of disruption of the traditional educational industry,” said Luis Cervantes, managing director and head of the Mexico City office at General Atlantic, in a statement. Cervantes and Zeev Thepris will join Crehana’s board after the transaction.
“General Atlantic’s team will help us consolidate our standing as leaders in digital education in the region,” Olcese said in the interview.
The platform offers subscription-based learning courses on anything from marketing to data analytics. Its main clients are companies that then offer the courses to employees so they can hone particular skills. Individuals can also buy subscriptions directly from the platform starting at $100 per year. Crehana’s user base jumped to 5 million users from 1.2 million users during 2020, the company said.
Crehana’s other investors include Salesforce Ventures, Mountain Nazca, Rething Education and ALIVE Ventures, among others. The company has raised a total of $95 million, including this latest round.
©2021 Bloomberg L.P.