Emeritus said on Thursday that it has raised $650 million at a $3.2 billion valuation in a round co-led by Accel and SoftBank's Vision Fund 2, with participation from the Canada Pension Plan Investment Board. The company will deploy the fresh funds to develop more courses and products.
Founded a decade ago, Emeritus, part of Mumbai-based Eruditus Executive Education, partners with more than 50 universities, including MIT, Columbia, Harvard, Cambridge, INSEAD, Wharton, UC Berkeley, and NUS, to provide executive education.
More than 250 courses across multiple languages have already been launched on its platform. These courses cost anything between $5,000 to $40,000.
“With this fundraise, we’re excited to scale our unique business model, continue to deliver strong learning outcomes and grow our global impact at a rapid rate,” said Ashwin Damera, co-founder and chief executive of Eruditus.
According to Reuters, Damera said his company was not impacted by China’s crackdown on online tutoring which was aimed mainly at companies targeting students in high school or younger.