- Codecademy — an online learning platform that teaches people how to code — recently announced a Series D round of funding of $40 million. These are the details.
Codecademy — an online learning platform that teaches people how to code — recently announced a Series D round of funding of $40 million led by Owl Ventures and with participation from Prosus and Union Square Ventures. And Codecademy will use the funding 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 50 million learners from more than 190 countries to unlock in-demand technical skills to improve their careers and livelihoods. And the company has been cash-flow positive for over two years and has consistently grown in new users and revenue. Last year — which was 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 5 million new users, 150K paid subscribers of Codecademy Pro, and 600 customers of Codecademy for Business.
The recent developments at Codecademy include a CFO hire as the company 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. And Adam Goldman will oversee growth for Codecademy and build its corporate development function.
Codecademy had launched its first B2B product Codecademy for Teams and saw 350% growth in bookings after its first year in beta. And Codecademy will continue expanding B2B offerings, including bespoke learning and onboarding experiences for organizations.
At the onset of the pandemic, Codecademy had launched initiatives to expand online coding education for people in need. And through a student scholarship program and worker support campaign, Codecademy donated over 200k free memberships to students and laid-off or furloughed workers.
KEY QUOTES:
“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. 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.”
— Zach Sims, CEO and co-founder of Codecademy
“Codecademy has been on our radar for a long time, as one of the early, long-standing leaders in online learning. 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.”
— Amit Patel, managing director of Owl Ventures
