This news comes on the heels of its Series C funding round. Course Hero plans to use the funds to develop resources for new subjects, grade levels, and geographies. Here are the top-line bullets you need to know.
Course Hero, an online education platform, has raised $380M in a Series C round that drew participation from Wellington Management, OMERS Growth Equity, D1 Capital Partners, GSV Ventures, Sequoia Capital, and SuRo Capital, among others.
HOW’S THE COMPANY PERFORMING?
- California-based Course Hero offers online study materials — including study guides, lecture notes, tests, and quizzes — across various subjects.
- It currently has 2M annual subscribers on its platform and plans to reach 50M by 2030. More than 80K faculty members from the US, Canada, and Australia use its platform to access resources.
- In 2021, the company has acquired 3 education technology companies: CliffNotes, QuillBot, and LitCharts.
- It has offices in the US, Canada, Israel, and India.
Source: Course Hero
WHY DOES THE MARKET MATTER?
- The education technology market is expected to reach a value of $377.9B by 2028, growing at a CAGR of 19.9%, according to Grand View Research.
- Global annual spending on education technology is projected to reach $342B by 2025, according to HolonIQ.
- Edtech solutions are increasingly being adopted to lower content production costs and increase geographical reach.
- The demand for virtual programming and online education has increased amid the pandemic, driving market growth.