IBL News | New York
Course Hero Inc announced yesterday it raised $380 million in Series C funding achieving a valuation of $3.6 billion.
The round was led by Wellington Management with participation from new investors Sequoia Capital Global Equities, OMERS Growth Equity, and D1 Capital Partners, and includes existing investors such as GSV Ventures, NewView Capital, SuRo Capital, TPG, and Valiant Peregrine Fund.
“With these funds, the company plans to accelerate its goal of building a rich and dynamic learning ecosystem to meet the evolving range of study needs for today’s learners,” said Andrew Grauer, CEO and Co-Founder of Course Hero.
The U.S. education market is estimated to grow to $2 trillion by 2025 and $10 trillion internationally by 2030.
“We believe online learning platforms will continue to play an essential role in supplementing the student learning and educator teaching experience in today’s learning economy,” said Aneesh Venkat, Partner at Sequoia Capital Global Equities.
Founded in 2006, the Redwood City, California-based company plans to grow from 2 million to 50 million annual subscribers by 2030. It will also expand to new verticals.
Over the past year, Course Hero Inc. expanded its portfolio of companies through a series of acquisitions, such as:
- CliffsNotes, the creator of iconic study guides used by high school and college students for more than 60 years
- LitCharts, the creator of literature resources used by more than 50 million students and teachers to develop and support a better understanding of literary texts
- QuillBot, an AI-powered writing platform used by 12 million people every month to check for grammar, make citations, and improve their writing skills
- Symbolab, the creator of an AI-based mathematics solver
Today marks a special milestone for Course Hero Inc., and our community of learners and educators, as we announce our Series C funding to build a rich and dynamic learning ecosystem to meet the evolving range of study and teaching needs. Learn more: https://t.co/ApNkk7ypZI pic.twitter.com/IzEA2pmL3b
— Course Hero (@CourseHero) December 14, 2021