San Francisco and Singapore-based venture capital firm Amasia has backed the $28-million Series C funding round in New York-headquartered online learning portal Skillshare, which seeks to accelerate growth and expand its learning ecosystem.
The latest funding round, according to Skillshare, involves $20 million in equity funding and $8 million in venture debt, with Union Square Ventures, an existing investor, leading the investment.
Aside from Amasia, Burda Principal Investments and existing investor Spero Venture also participated in the funding round for Skillshare, which has so far raised a total of $42 million in equity financing.
Founded in 2010, Skillshare offers thousands of online classes in design, business, technology, and more. It claims to have over 5 million students and thousands of teachers from over 100 countries who come to the platform to learn new skills, network with peers, and discover new opportunities.
The fresh funds will be used to accelerate growth and expand Skillshare’s learning ecosystem.
“This round comes at a time in our company’s history where we’re seeing a lot of momentum. Over the last twelve months we’ve experienced greater than 100 per cent revenue growth, much of which was driven by what we call the ‘Independent Class’, a group of fast-growing freelance workforce, entrepreneurs, and independent-minded individuals,” said Matt Cooper, CEO of Skillshare.
The thriving online community has become increasingly global. Asia, in particular, has shown huge potential, with paid members from the region growing by more than 400 per cent over the last 18 months, according to Skillshare.
Today, over 40 per cent of Skillshare’s new members are outside the US, almost entirely through word-of-mouth awareness, according to Ramanan Raghavendran, managing partner at Amasia.
“There is enormous and barely-explored demand for online education in markets outside the U.S., and the opportunity these markets represent is one of the major reasons we’re so bullish on Skillshare’s prospects going forward,” Raghavendran said.
Skillshare, whose teachers include both industry leaders and practitioners, raised its Series B round in May 2016.