Udemy for Business, the corporate learning tool by edtech platform Udemy, announced Thursday it has scaled from $1 million to $100 million in annual recurring revenue over the last five years. The company most recently raked in $50 million following its Series E back in February. At the time that round placed Udemy’s valuation at $2 billion.
The company has since been focused on expanding its presence both at home and abroad. Udemy is currently hiring for dozens of open positions spanning multiple departments at its San Francisco headquarters.
Following the onset of the pandemic, Udemy for Business experienced a 90 percent surge in enrollments, according to the company. Online courses in virtual team management, coaching and stress management quickly became some of the most popular topics on the platform.
“We’ve entered an era of continuous change, and companies and individuals need continuous learning to thrive,” Stephanie Stapleton, vice president of customer success at Udemy, said in a statement. “The pandemic has only accelerated the global movement toward online learning.”
The edtech platform arranges coursework into a series of lessons that can include text notes, videos and assessment tests. Although courses can’t be downloaded for offline viewing, the company’s mobile app allows users to view classes offline and listen to lectures on-the-go via podcast.
Over 130,000 courses are available on the platform in over 65 languages on the platform. While dozens of courses are available for free, others range from as little as $10 to as much as $160.
Apple, Eventbrite, PayPal and Lyft are among a few of the corporate heavy hitters that have already signed on to Udemy for Business. New clients that have flocked to the platform this year include the Walt Disney Company and Toyota Motors.
“We’ve worked with Udemy for more than five years because their content is relevant and up-to-date, and our team members can find helpful learning resources whenever they need them,” Uli Heitzlhofer, senior director of people, learning and development at Lyft, said in a statement.
According to Heitzlhofer, Lyft has seen a three-fold increase in enrollments from employees on the edtech platform since their corporate team transitioned to working remotely earlier this year.
Udemy has raised $223 million in financing to date, according to Crunchbase. The company has additional offices in Denver, Brazil, India, Ireland, and Turkey.
Investors in the learning platform include Insight Partners, Prosus, Norwest Venture Partners, Stripes, and Benesse Holdings.
