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.
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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.
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“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:
1. 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.
2. 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.
3. 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.
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