Udemy Gets $50 Million Funding From Benesse Holdings At $2 Billion Valuation
Japan’s Benesse Holdings Inc. has agreed to invest $50 million in Udemy at a valuation of $2 billion, the edtech startup said on Thursday.
Udemy will use the funding to invest in markets around the world, and expand its San Francisco headquarters as well as grow its offices in Denver, Dublin, Gurugram, Sao Paulo and Ankara.
“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,” Gregg Coccari, chief executive officer at Udemy, said in a statement, adding that 2020 will be a landmark year for the company.
Tamotsu Adachi, representative director, president and CEO of Benesse Holdings, said Udemy and his company are incredibly synergistic businesses. "This investment is the next progression in our business relationship and demonstrates our confidence in what we can accomplish together,"
In its 10 years of existence, Udemy has raised more than $200 million in funding from a clutch of investors—including Insight Partners, Prosus (Naspers Ventures), Norwest Venture Partners and Stripes—and has given out more than $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 AG, Booking.com BV, Pinterest Inc., Toyota Motor Corp., and Wipro Ltd., among others.