Simplilearn Raises USD 45 million in a New Funding Round Led by GSV Ventures

2024-05-04 03:18:08 Business

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Mumbai, November 16th, 2022 ? Simplilearn, the world?s leading online Bootcamp for digital skilling training, announced its fresh round of fundraising from a consortium led by GSV Ventures, a multi-stage venture capital firm. In addition to GSV Ventures, Clal Insurance, and DisruptAD, ADQ?s venture platform, are also participating in this round. The current investment brings in USD 45 mm into the company, further boosting its growth across the globe. This round of funding comes at a time when the technology funding ecosystem and the edtech market, in general, are witnessing volatility. The edtech major has seen significant growth in the past year and has added more than 1,20,000 paid B2C learners, and 1,00,000+ enterprise learners on its platform. This is in addition to the 2 million+ free learners that it adds to its SkillUp platform every year.

As a homegrown, global edtech company, Simplilearn continues to play an instrumental role in bridging the persistent digital skills gap across the globe. It offers digital skilling programs for professionals, enabling learners to upskill and get certified in fast-growing digital domains. Simplilearn creates these programs in collaboration with renowned educational institutions such as Caltech CTME, MIT Schwarzman College of Computing, UMass Amherst and the Isenberg School of Management, Purdue University, Wharton Online, IIT Roorkee, and IIT Kanpur, and companies such as IBM, Microsoft, Amazon, Meta, and KPMG.

Post the Blackstone investment in August 2021, Simplilearn has strategically deployed funds enabling exponential yet mindful growth over the past year. Speaking on this round of funding, Krishna Kumar, Founder & CEO, of Simplilearn, said, ?We continue to witness the accelerated need for digitally skilled workforce across industries and Simplilearn continues to be focused on bridging the digital skill gap. Continuing on our path of mindful growth, we are grateful for how far the company has come today. The Blackstone investment last year came at an ideal time to boost our growth globally, and further strengthen our customer-centric approach. Today, we are excited to partner with GSV Ventures, a globally recognized investor with a strong track record in the education sector, along with a strong set of co-investors in Clal Insurance and DisruptAD. This funding came at a time when the industry is going through turmoil and stands as a testimony to our steady, profitable growth.?

He added, ?We believe GSV Ventures, Clal Insurance, and DisruptAD will bring value to our company given their experience, scale, and global network which will further enhance our efforts towards growing Simplilearn and sustaining our leadership, globally. We also thank our existing investor, Blackstone, for their resolute support and trust in our journey of becoming a market leader.?

Deborah H. Quazzo, Managing Partner, GSV Ventures said, ?With immense experience investing and working with education firms around the world, it is certain that the demand for knowledge-gain and upskilling is omnipresent. Like many other sectors, technology is disrupting education, and edtech has been a key focus area for us. Simplilearn is a unique player in the digital skilling space with premium content and partnerships with various marquee universities and enterprises. Given the company?s promising growth trajectory over the past years, we are excited to partner with Blackstone, Krishna Kumar and Simplilearn to accelerate growth and contribute to building one of the world?s leading digital upskilling companies. We look forward to a promising future of continued customer-centricity, enabling professionals across the globe to become highly skilled in the digital economy.?

Avendus continues to be an exclusive financial advisor to Simplilearn and its shareholders on the transaction.

About Simplilearn

Founded in 2010 and based in San Francisco, California, and Bangalore, India, Simplilearn, a Blackstone company is the world's #1 online Bootcamp for digital economy skills training. Simplilearn offers access to world-class work-ready training to individuals and businesses around the world. The Bootcamps are designed and delivered with world-renowned universities, top corporations, and leading industry bodies via live online classes featuring top industry practitioners, sought-after trainers, and global leaders. From college students and early career professionals to managers, executives, small businesses, and big corporations, Simplilearn?s role-based, skill-focused, industry-recognized, and globally relevant training programs are ideal upskilling solutions for diverse career or/and business goals.

About GSV Ventures

GSV Ventures is a multi-stage venture capital firm focused on the $7+ trillion global education and workforce skills sector. The fund manages and is currently investing out of GSV Ventures Fund III, backing innovative entrepreneurs across the "Pre-K to Gray" Arc of Learning and Skills. GSV has made over $600 million in investments; portfolio holdings include Class Technologies, ClassDojo, Coursera, Coursehero, Degreed, Guild, Lead School, PhysicsWallah, Photomath, and Valenture Institute. Learn more at GSV ventures.

About Clal Insurance

Clal Insurance is one of the leading insurance and long term savings companies in Israel.

Shares of Clal Insurance Business Holdings are held by the public, with no controlling shareholder, and are traded on the Tel Aviv Stock Exchange.

About DisruptAD

DisruptAD is ADQ?s venture platform. The platform?s activities include a multi-stage direct investment business as well as a fund-of-funds business. Disrupt AD also seeks to enable innovation through several dedicated funds and programs that range from business incubation to growth accelerators.