Business

Online learning platform Coursera files for U.S. IPO

Coursera's revenue rose 59% to $293.5 million for 2020, the company said

CEO of Coursera Jeff Maggioncalda
Photo: Courtesy Coursera/Handout via Reuters
  • Coursera offers courses such as machine learning, cloud computing and language learning;
  • Revenue rose 59% to $293.5 million for the year ended Dec. 31, 2020;
  • The company raised $130 million in funding in July, bringing its cash balance to more than $300 million.

Online education provider Coursera on Friday filed for a stock market listing with U.S. regulators, revealing a surge in revenue from a boost to business due to the disruption caused by the COVID-19 pandemic.

Revenue rose 59% to $293.5 million for the year ended Dec. 31, 2020, the company said in a filing.

Coursera offers courses such as machine learning, cloud computing and language learning, with its platform used by more than 3,700 colleges and universities, according to the company’s website.

READ ALSO: How Coursera grew 500% with demand for online courses and Covid-19 initiatives

It launched “Coursera for Campus” in response to the pandemic to help educational institutions offer courses to stuck-at-home students. Online learning platforms also benefited as retrenched employees took online courses to rotate into new careers.

Mountain View, California-based Coursera was founded in 2012 and its investors include venture capital firm GSV Capital and Kleiner Perkins. The company raised $130 million in funding in July, bringing its cash balance to more than $300 million.

Other online learning portals such as Nerdy and Skillsoft chose to go public through deals with blank-check firms as well. Coursera’s net loss widened to $66.8 million for the year ended Dec. 31, from a $46.7 million loss a year earlier.

Morgan Stanley, Goldman Sachs and Citigroup are among the underwriters for the education technology company’s offering.

Get the best insights about Latin America market in your inbox