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Naspers Invests $60 Million in Udemy to Expand Global Reach

Naspers Invests $60 Million in Udemy to Expand Global Reach

SAN FRANCISCO – June 2, 2016 Udemy, a global marketplace for learning and teaching online, today announced a strategic investment of $60 million from Naspers through its Naspers Ventures division. Larry Illg, CEO of Naspers Ventures, is joining Udemy’s Board of Directors.

Udemy plans to use the new capital to continue its strong international momentum, including growing its localized course content library and product offerings to meet the global demand for online learning. The investment is a follow-on to Udemy’s $65 million Series D round of financing from June of 2015.

Over the past year, Udemy has experienced significant growth, particularly among its international business. With more than 40,000 courses now available in 80 different languages, Udemy offers the largest selection of online course content.

Key milestones this year for Udemy include:

  • Surpassing 11 million students and 20,000 instructors worldwide
  • Surpassing 50 million enrollments from students in more than 190 countries
  • Expanding its executive management team with the addition of Grégory Boutté, VP of Content; Rob Wong, VP of Product; and Darren Shimkus, VP and General Manager of Udemy for Business
  • Acquiring Talentbuddy, a learn-to-code platform, to boost experiential learning capabilities
  • Launching strategic international partnerships including Estácio (Brazil), Bloter (South Korea), Bayt.com (Middle East), and STJobs (Singapore)

“With two-thirds of our students and over half of our instructors located outside the U.S., Udemy has made huge strides in opening access to learning and teaching opportunities worldwide, yet we are just at the beginning of realizing the full potential of online learning,” said Dennis Yang, CEO of Udemy. “We’ve reached a critical juncture in our global economy where everyone needs to embrace lifelong learning and take initiative for upskilling themselves. That’s why I’m thrilled to be partnering with Naspers to invigorate our efforts to bring Udemy to even more learners and experts around the world.”

Naspers, a global internet and entertainment company with operations in 130 countries, has the local expertise to help Udemy build its growing international presence. The company has made investments in internet companies, including Tencent and Flipkart, that 1.3 billion people worldwide already use. Naspers provides its companies with unmatched levels of international support, including strong business strategy expertise, operating experience, and access to on-the-ground resources in key expansion markets.

“Naspers is consistently looking to invest in markets where technology can make a significant impact. Udemy has built a technology platform that will transform education on a global scale and we are eager to help them with further expansion,” said Larry Illg, Naspers Ventures CEO. “Their online learning marketplace offers courses on thousands of topics in dozens of languages and makes education for anyone, anywhere more accessible.”

Naspers Ventures joins existing investment partners, including Stripes Group, Norwest Venture Partners, Insight Venture Partners, and Lightbank.

About Udemy

Udemy was founded in 2010 with the aim of helping anyone build the life they imagine through online learning. Udemy is a global marketplace for learning and teaching online where more than 11 million students learn from an extensive library of 40,000 courses taught by expert instructors in 80 different languages. Whether learning for professional development or personal enrichment, students can master new skills through self-paced, on-demand courses, while instructors have a way to share their knowledge with the world. For companies, Udemy for Business offers subscription access to a collection of business-relevant courses as well as a simple platform to host and distribute their own content in one central place. Udemy is privately owned and headquartered in San Francisco with offices in Ireland and Turkey. For additional information, please visit https://www.udemy.com/.

About Naspers Ventures

Naspers Ventures partners with entrepreneurs to build leading technology companies in high-growth markets. We identify companies and founders with high-potential and the ambition to scale globally the right way, quickly impacting the communities where they operate and provide them with tailored support that enables them to be leaders in their chosen markets.

Naspers Ventures leverages the global reach, knowledge and resources of Naspers, one of the largest technology investors in the world, to enable an environment that helps entrepreneurs build, grow and scale their businesses. With in-depth experience in more than 130 markets and countries around the world, the Naspers Ventures team thrives on the unconventional and unprecedented to do what it takes to help our companies succeed.

Naspers is listed on the Johannesburg Stock Exchange (NPN.SJ) and has an ADR listing on the London Stock Exchange (LSE: NPSN).


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