Codeacademy, a provider of digital skills education provider, has raised $30 million in Series C funding. Naspers Ventures led the round with participation from other investors that included Union Square Ventures, Flybridge, Index Ventures and Sir Richard Branson. In addition to the funding, Larry Illg, CEO of Naspers Ventures, has been added to Codeacademy’s board of directors.
NEW YORK –July 12, 2016 –Codecademy, the leader in digital skills education, today announced the closing of a $30 million Series C investment led by Naspers through its Naspers Ventures division. Also announced today, Larry Illg, CEO of Naspers Ventures, has joined Codecademy’s Board of Directors. Existing investors, including Union Square Ventures, Flybridge, Index Ventures and Sir Richard Branson contributed to the round.
Codecademy will utilize the new capital to drive the company’s product, team and global expansion plans. Since the company launched in 2011, tens of millions of people have taken its courses in nearly every country. The new funds will allow the company to grow its team to accommodate further international growth, extend the capabilities of its innovative platform, build its mobile presence and develop additional course content to even better serve its users.
“Since we founded Codecademy in 2011, we have seen an explosion of interest in learning to code as a key component of a 21st century education,” said Zach Sims, CEO of Codecademy. “With millions of monthly users, and more than 50 percent of those outside the US, there is a great opportunity in partnering with Naspers to expand our business to deliver a wider breadth of courses in more languages and new geographies to create an education that allows anyone to access economic opportunity.”
“Traditional universities are poorly equipped to meet the evolving demands of technology students and employers, and Codecademy fills an important and valuable gap in the market,” said Larry Illg, Naspers Ventures CEO. “The quality of the Codecademy product and the team’s execution have enabled a global footprint today and positions it well for future expansion.”
Naspers has made investments in internet companies, including Tencent and Flipkart, that 1.3 billion people worldwide already use. The company provides its businesses with unmatched levels of international support, including strong strategy expertise, operating experience, and access to on the ground resources in key expansion markets.
Codecademy helps millions of learners around the world get the skills they need to succeed in today’s digital world all in a way that’s fun, free, and accessible anywhere. Founded by Zach Sims and Ryan Bubinski in 2011 to bridge the increasing gap between the skills taught in schools and the skills required by the modern workforce, Codecademy offers an entirely new, networked approach to learning which allows users to interact with students across the globe, build amazing projects, and apply their skills to improve their lives.
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.
We provide tailored support to make them leaders in their chosen markets. We bring the global reach, knowledge and resources of Naspers, one of the largest technology investors in the world, to help entrepreneurs build, grow and scale their businesses. With indepth experience in more than 130 markets and countries around the world, we 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). For more information, please visit www.naspers.com.