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Redpoint Ventures-backed online learning business 2U files for $100m IPO

24 Feb 2014

education_lrgRedpoint Ventures-backed online learning business 2U has filed to raise up to $100m in an IPO on the NASDAQ stock exchange.

The venture capital firm currently holds a 23.2 per cent ownership of 2U, with Highland Capital holding 11.4 per cent, Novak Biddle Venture Partners 11 per cent and Bessemer Venture Partners 8.3 per cent.

Goldman Sachs and Credit Suisse are acting as lead underwriters for the offering according to a filing with the US securities regulator.

The company was launched in 2008 by a team of education and technology veterans to create online learning programmes in conjunction with top-tier colleges and universities.

Its cloud-based software-as-a-service platform allows teaching institutions to provide course content and live face-to-face classes to students around the world.

2U picked up a $5.1m addition to its $26m Series D financing round in October last year, and collected $32.5m of Series C funding in 2011.

They followed a $20m Series B and a $10m Series A financing in the two preceding years.

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