Corsera, an online education platform that has seen its business grow amid the coronovirus epidemic, is planning to file paperwork tomorrow for its initial public offering, sources familiar with the matter said. The company has been in talks with underwriters since last year, but may take its first legal step in the IPO process tomorrow.
The Mountain View-based business, founded in 2012, was last seen in private markets for $ 2.4 billion, During a Series F fundraising event in July 2020. Bloomberg viewed Cortera’s latest valuation At $ 5 billion.
The latest financing event raised its cash balance to $ 300 million, which Chegg had before it went public. Coursera chief executive Jeff Magionclada confirmed that the company is eyeing an IPO.
Kaursera has a busy epidemic. Similar to Udemy, another largely open online course provider to go public, Cortesera added an enterprise branch to its business. It launched CORSERA for the campus, helping colleges to bring online courses (credit optional); More than 3,700 schools around the world are using the software. It is unclear how much money has gone into this operation, but we know that Udami is close to $ 200 million in annual recurring revenue for the business. In February, the company announced that it had received B Corp certification, meaning it hit high standards for social and environmental performance. It also transformed into a public benefit corporation.
GSV, a venture capital firm that specifically supports edtech companies, had the largest position of its first fund in Kaursera. GSV announced $ 180 Million Fund II tomorrow.
It is understandable that edtech companies want to go public while markets are hot and distance education is a central way instruction is given. Other public sector companies in recent weeks include Nardi and Skillsoft, two companies Used a SPAC To make his public debut. Once – and if – Kaursera goes public, it will join these new jumboles as well as long-term Edtech public companies including 2U, Chegg, and K12 Inc and Zovio Solutions.
Kaursera declined to comment.
Update: A previous version of this story stated that Skillshare became public. this is wrong. Skillsoft has gone public. An update has been made to reflect this change.