US-based MOOC provider, Coursera, has secured US$49.5m in a round of Series C funding, which it hopes will help to expand its global reach, it has announced.
The funding will be used to help further the company’s international growth and reach key markets, including Latin America, China and India.
“The investment by Times Internet is a component of a major new strategic partnership”
According to the press release, international growth is “a focus for Coursera as the company works to address outsized demand for high quality, accessible learning in key markets including Latin America, China, and India”.
New Enterprise Associates, a global venture capital firm and one of Coursera’s original investors, is leading the funding.
Also investing is Kleiner Perkins Caufield & Byers and International Finance Corporation.
Times Internet, which owns the media company Times of India, has also joined as an investor.
The press release states that “the investment by Times Internet is a component of a major new strategic partnership”.
It adds that Times Internet “will provide marketing, advertising, and strategic support to build awareness of Coursera in India”.
“We are excited to bring Times Internet’s growth capabilities behind such a strong product,” said CEO Satyan Gajwani.
“And bring high quality, affordable digital education to millions of Indians.”
In addition to expanding Coursera’s global reach, it is also expecting the funding will help to “continue to improve the learning experience for people from all backgrounds”, and “source new content”.
Founded in 2012, Coursera is one of the world’s biggest MOOC providers, offering over 1,200 online courses from more than 120 universities around the world.
“We are determined to develop the best and most accessible learning experience anywhere”
Around 75% of Coursera’s 15 million users are also based outside of the US.
Last month the platform launched its Global Skills Initiative, which brings together companies and universities to produce online courses on job-relevant skills.
These specialisations are being developed in fields including data science and computer programming.
Coursera is expecting that the second round of the funding will close this autumn, totalling a further $10.5m. This will bring the amount of Series C funding to $60m.
Rick Levin, CEO of Coursera, said he wants the platform “to be the place people go to learn for their careers and throughout their lives”.
“To accomplish this, we are determined to develop the best and most accessible learning experience anywhere,” he said.
“The continuing support from NEA and KPCB, as well as new strategic guidance from Times Internet abroad, will allow us to accelerate the improvement of our platform and product in order to serve millions more.”
