Edtech platform Udacity secures $75m debt facility from Hercules Capital

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Calfornia-based online learning platform Udacity, which has an active presence in India, has signed a $75-million debt facility with Hercules Capital.

“This new financing will help us continue to scale and provide global workers with the skills they need to future-proof their careers,” Udacity CEO Gabriel Dalporto said in a statement on Thursday.

Udacity provides industry-created practitioner skills through a series of ‘Nanodegree’ courses and real-world projects in artificial intelligence, machine learning, data science, autonomous systems, cloud computing, cybersecurity, programming, digital marketing, and product management.

The company claims to collaborate with expert instructors and over 200 global industry partners including AT&T, Google, Facebook, Mercedes-Benz, and NVIDIA to power technical education. Apart from India, it also has operations in the UK, Egypt, Germany, India, and the United Arab Emirates.

Udacity has raised $238 million in funding to date from investors including Bertelsmann, Andreessen Horowitz, Charles River Ventures, Drive Capital and Hercules Capital.

The company said, its Q3 enterprise and government bookings rose by 120 per cent year-over-year, total bookings increased 80 per cent year-over-year.

“Given Udacity’s growth, focus on sustainable business practices, and expanding reach across multiple industries, we are excited to provide this investment. We look forward to working with the company to help them sustain their impressive global growth, and continued innovation in upskilling and reskilling,” said Steve Kuo, Senior Managing Director and Technology Group Head at Hercules Capital.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.