The company intends to utilise the proceeds for the expansion of the company's business serving governments and enterprises
Nearly two-thirds of Emeritus' paid learner base is located outside the US. (Credit: Goumbik from Pixabay)
Singapore-based Emeritus has raised $650m funding in the latest financing round that valued the education upskilling company at $3.2bn.
Led by Accel and SoftBank Vision Fund 2, the new funding round has quadrupled the company’s Series D valuation from August 2020.
The Series E funding round saw participation from returning investors, the Chan Zuckerberg Initiative, Leeds Illuminate and Prosus and existing investors, Sequoia Capital India and Bertelsmann.
It follows Emeritus’ recent acquisition of iD Tech for $200m, which marked its expansion into the K12 space.
Emeritus, part of Eruditus Group, intends to utilise the proceeds to develop new courses in conjunction with university partners, create new products and industry verticals, and fund acquisitions.
The funding will also be used for the expansion of the company’s business serving governments and enterprises.
Emeritus co-founder and CEO Ashwin Damera said: “This fundraise will help Emeritus continue to expand its mission of making high quality education accessible and affordable to learners across the world.”
Emeritus claims to have witnessed more than 100% year-on-year growth in the last 12 months, with nearly two-thirds of its paid learner base located outside the US.
Founded in 2015, the company employs more than 1,400 people and has offices in Mumbai, New Delhi, Shanghai, Singapore, Palo Alto, Mexico City, New York, Boston, London, and Dubai.
Emeritus offers a global upskilling platform, with more than 250 professional learning programmes that are delivered to over 250,000 individuals across more than 80 countries.
The company develops the learning programmes by partnering with more than 50 top tier universities across the US, Europe, Latin America, Southeast Asia, India and China.
SoftBank Investment Advisers managing partner Munish Varma said: “Emeritus partners with top-tier and Ivy League universities to reach new students from around the world.
“The company is helping professional learners upskill themselves on a variety of subjects from the best and the brightest instructors at an affordable price. We look forward to partnering with Ashwin Damera and the Emeritus team to accelerate growth around the world.”