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Coursera, one of the largest platform for open access, high quality online education, announced today that it has raised a total of $49.5 million (about Rs 330 crore) in a first closing of its Series C financing. The company expects a second closing early in the fall that will bring its total Series C funding to $60 million (about Rs 400.2 crore).
In a statement, Coursera said that it will use the funds to source new content, expand its global reach, and continue to improve the learning experience for people of all backgrounds.
The Series C financing is led by New Enterprise Associates (NEA), one of Coursera's original investors. Scott Sandell, Managing General Partner, NEA and member of Coursera's Board of Directors said: "Coursera has made tremendous progress over the last year and is meeting a major, global market need with its multi-course specializations in key workforce sectors. We are excited to support the growth of this high-impact enterprise, which is transforming lives through access to the world's best educational institutions."
Among the firms joining NEA are original investor Kleiner Perkins Caufield& Byers (KPCB) and previous investor International Finance Corporation (IFC), as well as a new investor, Times Internet (TIL), a subsidiary of Bennett, Coleman and Company Limited (BCCL) that also holds the Times of India and related media properties. Other existing investors participating in the second close include GSV Asset Management and Learn Capital.
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. Three-quarters of Coursera's learners are outside the United States, and emerging economies are its fastest growing markets. Times Internet will provide marketing, advertising, and strategic support to build awareness of Coursera in India.
Founded in 2012, Coursera now offers 1,100 courses to nearly 15 million learners across the globe and it recently launched the Global Skills Initiative to bring companies and universities together to create specializations. These are series of courses that teach skills in job-relevant fields.
"We want Coursera to be the place people go to learn, for their careers and throughout their lives," said Rick Levin, CEO of Coursera.
