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The eLearning market is expected to exceed $375BN by 2026 according to Global Market Insights. In 2021, we can expect an even greater shift to online learning as students and adults alike have become more accustomed to the new normal of learning virtually. Particularly, we expect technology to support eLearning even more with platforms that enable self-direct learning, analytics on educational content catered to individual learners’ needs, increasing use of AR/VR and mixed reality in learning environments, and more user-generated learning content. In 2020, we saw numerous education and eLearning platforms raise rounds of funding including the below, signaling that 2021 may be no different.
Masterclass is an online education platform designed to offer video-based online vocational courses and is well known for its celebrity teachers. The monthly membership model allows subscribers to watch over 100+ videos from its content library. The company is listed among our top 50 resilient companies of 2020. It raised a Round E $100MM funding in May 2020.
Udemy is an online educational website that also recruits professionals to build out courses offered either for free or for a fee on their website. Users may also decide to create their own courses and build out curriculum on the platform. The company received two rounds of E and F funding led by Asian investors Benesse Holdings and Tencent Holdings in 2020.
Coursera is an online education company that offers college-level courses on the internet, with many universities taking their web-based courses online. The company generates revenue by offering paid courses for college credits but also offers the courses for free without credit. The company’s Round F funding led by New Enterprise Associates was raised in July 2020.
Course Hero is an online education platform that offers a digital library to help students and educators succeed. Its subscription model allows students to access learning and teaching content through a Q&A format while also allowing teachers and educators to publish their online content. Course Hero raised two rounds of funding in 2020 to elevate the company to unicorn status.
SkillSoft is a global eLearning and talent management solutions provider. Although it has a consumer-facing platform, its core strengths lie in its enterprise-facing solutions with Fortune 500 companies. The company went through ups and downs in 2020. It filed for bankruptcy in June, emerged from bankruptcy and financial restructuring in August, merged, and went public with a SPAC - Churchill Capital Corp II while also acquiring Global Knowledge Training in October.