edtech companies raised over $800 million in the first half of 2020.įounded in 2006, Course Hero is already well known among college students, millions of whom use it to get study materials, share class notes and ask tutors questions. Companies like Coursera, which helps universities build and access online courses, have ridden the momentum from new registrations to secure a $130 million investment in July. And as college campuses closed and instructors scrambled to facilitate online instruction, digital education providers like Course Hero saw a surge in usage of its services.Ī combination of “market volatility” and “increased demand for help with remote learning led to a great opportunity to set ourselves up to raise more capital,” Grauer adds.Ĭapitalizing on increased usage seems to be the formula among edtech companies seeking new money this year.
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The world has changed dramatically between the first and final close of the company’s Series B round. By letting staff sell some of their stock, the goal was to boost morale and energize the team to work for the long haul, Grauer said. That deal was focused on giving his employees an opportunity to sell their shares directly to NewView through a process called a tender offer. (It kept its $1.1 billion valuation.)Īndrew Grauer, co-founder and CEO of Course Hero, says this latest fundraise was “not in the works when we did the first close” of the Series B round, which was led by NewView Capital. The deal pushes the company’s Series B round to $80 million. Last week, Course Hero secured an additional $70 million in an extension of its Series B round, courtesy of some of the biggest names in the financial sector-TPG, Goldman Sachs Asset Management and GSV.
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When Course Hero raised $10 million in early February, the amount seemed curiously small for the $1.1 billion unicorn valuation it got.Īs it turns out, the company wasn’t done fundraising.