OpenClassrooms, a Paris-based online education platform, recently announced it has raised $80 million in a Series C funding round led by Lumos Capital Group.
The round also saw participation from the Chan Zuckerberg Initiative, GSV Ventures, and Salesforce Ventures. Existing investors General Atlantic and Bpifrance also participated in the round.
Founded in 2013, OpenClassrooms operates an online education platform offering quality, education-to-employment programs, and career coaching services for students worldwide. The platform offers 54 competency-based training programs with individual mentorship, leading up to nationally accredited bachelor’s and master’s level diplomas, in fields with high demand such as web development, data science, IT, UX design, project management, digital marketing, human resources, sales, etc. The platform also teaches crucial soft skills such as working effectively in teams, public speaking and learning how to learn efficiently among others.
OpenClassrooms believes that education is a basic human right and that all people should be able to access an education that leads to the advancement of their careers and their earning power. The company claims to have over 1 million members, with approximately 3 million users visiting the platform each month. It currently has its offices in Paris, London and NYC.
Commenting on the development, Pierre Dubuc, Co-founder & CEO of OpenClassrooms, said in a statement,
“We are thrilled to welcome Lumos, GSV, CZI, and Salesforce Ventures as new shareholders. The additional capital we’re raising today will allow OpenClassrooms to increase its impact by allowing even more individuals to access affordable upskilling and reskilling programs, at a global level.”
According to a statement, the additional capital investment will support OpenClassrooms as it further establishes its leadership in affordable digital education-to-employment programs.
Victor Hu, Co-founder and Managing Partner of Lumos Capital Group, said,
“OpenClassrooms has created a powerful, global platform for delivering educational outcomes at scale. They have already created transformational opportunities for thousands of individuals and businesses around the world with their industry-leading solutions. We are proud to partner with them in their mission to make education more accessible for everyone.”
As part of the investment, Victor Hu will join the OpenClassrooms board of directors.
OpenClassrooms guarantees jobs for all learners after the completion of the program. It works with career coaches, who help students find a job in their target fields. Its Career Paths include weekly, one-on-one mentorship sessions with a dedicated professional in each field, supporting learners through their studies. The company claimed that over 4,300 students have found a job or received a promotion in 2020 after participating in its programs.
The company said that it is on a high-growth trajectory, with revenues for the first quarter of 2021 up by 140% year-on-year, and bookings by 250%.
Meanwhile, with the latest funding, the company is said to have raised $149.7 million to date. Other investors involved with the company include General Atlantic, Bpifrance, Alven, Citizen Capital, and Xavier Niel.