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Insight Venture Partners leads $12m Series B for online education company Udemy

10 Dec 2012

Insight Venture Partners has led a $12m Series B financing round for online education marketplace Udemy, with additional support from existing investors Lightbank, MHS Capital and Learn Capital.

The round brings Udemy’s total funding to $16m. The new capital will be used primarily for expanding the range and types of Udemy’s content offerings as well as extending the content catalogue, it said.

The company also hired Dennis Yang as president and chief operating officer. Yang, who previously served as executive advisor to a number of start-ups and held leadership roles with 4INFO and Good Technology, will lead Udemy’s business and operations-related activities, working closely with chief executive officer and co-founder Eren Bali.

Launched in early 2010, Udemy currently offers over 5,000 courses – covering subjects including professional, business, technical, academic, creative and lifestyle. The Series B investment is the company’s third round of financing, having previously raised $3m in October 2011 and $1m in August 2010.

“Our traditional education model is going through a radical transformation, making a dramatic shift toward the new platforms of online learning such as MOOCs, and Udemy is at the forefront with a unique marketplace model that provides a place for students to receive a quality education while giving instructors of all types the opportunity to earn significant income,” said Brad Twohig, vice president, Insight Venture Partners. “We look forward to seeing the company continuing to lead in this market and grow worldwide.”

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