Emeritus, an education technology company with offices in Boston, said Thursday it raised $ 650 million in new funding as e-learning booms during the pandemic.
The deal, led by investors Accel and SoftBank Vision Fund 2, values the company at $ 3.2 billion, an increase of about four times since its last fundraiser in August of last year, said the society.
Emeritus, which has similarities to the Silicon Valley-based Coursera company, is partnering with universities like MIT and Harvard to bring online courses and certificate programs to students around the world. Its US headquarters are in Boston and its global presence is anchored in Singapore.
The cash injection will help fund Emeritus’ recent $ 200 million acquisition of iD Tech, an online science and technology platform for young students, the company said. It will also allow Emeritus to rapidly advance its course offering and university partnerships, becoming a leader in a growing field of higher education.
“The unbundling of higher education and continuing education is just beginning,” said Anand Daniel, partner at Accel, a venture capital firm located in Silicon Valley. “[Emeritus’s] The products help deliver the best quality education to students around the world at affordable prices.
Founded in 2015, the company employs approximately 1,400 people and has offices around the world, including in Boston, Singapore, China and India. More than 250,000 people in 80 countries have enrolled in one of the company’s diploma programs, vocational certificates and senior management programs.
Other investors in the company include the Chan Zuckerberg Initiative, a philanthropic company founded by Facebook founder Mark Zuckerberg and his wife, Priscilla Chan.