Codecademy, a leading online learning platform that helps students learn to code, has raised $40 million in Series D round led by Owl Ventures, with participation from Prosus and Union Square Ventures.
The New York-based company plans to use the fresh capital to accelerate its DTC and B2B growth, reach more learners through new products and curriculum, and expand its footprint in global markets.
Founded in 2011, Codecademy has been a leader in online coding education, helping over 50 million learners from 190+ countries access high-quality, interactive coding education to improve their careers and livelihoods. The company works with individuals, organizations, and government partners including the White House, UK, and Brazil, as well as global tech giants like Amazon and Google to develop curriculum.
Speaking about the company and on the latest development, Zach Sims, Co-founder and CEO of Codecademy, said,
“We have ambitious goals to help hundreds of millions of people access our learning platform and unlock the skills they need to lead better lives. While we have seen tremendous success on our own, we are excited to accelerate our growth even further by partnering with Owl Ventures, whose unparalleled experience and expertise in EdTech will help us surpass our goals and make Codecademy the premier technical learning platform for consumers and businesses globally."
Codecademy said it has been cash-flow positive for over two years, and has consistently grown in new users and revenue. It claimed to witness its largest uptick in sign-ups and bookings yet in 2020, with over five million new users, 150k paid subscribers of Codecademy Pro, and 600 customers of Codecademy for Business.
Amit Patel, Managing Director, Owl Ventures, commented on the funding,
"Codecademy has been on our radar for a long time, as one of the early, long-standing leaders in online learning. We could not be more excited to help the team continue its impressive growth trajectory and deliver its mission to empower the world with technical skills."
Recently, Codecademy has welcomed its first-ever CFO and C-Suite hire, Adam Goldman, former head of Chegg’s textbook business. The company has also launched its first B2B product, Codecademy for Teams, and saw 350% growth in bookings after its first year in beta.
Codecademy has so far raised $82.5 million from investors including Owl Ventures, Prosus, Union Square Ventures, Kleiner Perkins, Index Ventures, and Y Combinator. The company closed its Series C round in 2016.