Executive education provider Eruditus raises $113 million funding
Executive education provider Eruditus Group has announced it has raised $113 million in series D funding including secondary sales.
The Series D funding round and secondary sales for Eruditus were led by Leeds Illuminate and Prosus Venture with the Chan Zuckerberg Initiative in participation, alongside current investors Sequoia India and Ved Capital.
The Eruditus group, which consists of Eruditus Executive Education and online division Emeritus, is partnered with more than 30 universities worldwide including MIT, Columbia, Harvard, Cambridge, INSEAD, Wharton, UC Berkeley, INCAE, IIT, IIM, NUS and HKUST.
It has launched over 100 courses, serving students from more than 80 countries. Many courses are offered and facilitated in several languages, including Spanish, Portuguese and Mandarin.
Commenting on the development, Ashwin Damera, Co-Founder and CEO of Eruditus, said: “We collaborate closely with our university partners to make high-quality education more accessible and affordable.
“COVID-19 is dramatically accelerating change across higher education. We are engaging more deeply with universities worldwide to help them expand their online portfolio and global footprint. We chose Leeds Illuminate, Prosus Ventures and the Chan Zuckerberg Initiative as mission-aligned partners that provide strategic value that goes beyond capital to support our growth.”
Funding to help increase engagement and build partnerships for Eruditus
Eruditus has said that the funding will be used to increase engagement with existing and new partner universities, and it will also help to deepen its operations in emerging markets and to invest in creating career-ready courses to meet the skills required of the global workforce in a post-pandemic world.
Susan Cates, Managing Partner of Leeds Illuminate, noted: “Eruditus delivers tremendous value to working professionals and global universities, and we are delighted to partner with this team.
“Innovative and interactive courses focused on skills of the future, delivered by sought-after global brands, create upward economic mobility for learners across the world. Eruditus provides the connective tissue to facilitate talent’s rise and global universities’ reach.”
Edtech a key focus area for investors
Ashutosh Sharma, Head of Investment for India at Prosus Ventures, revealed: “Education technology is a major focus for Prosus Ventures, and we now have six edtech portfolio companies spanning education across K-12, vocational upskilling, lifelong learning.
“Eruditus’ goals are a great match for ours – democratizing access of quality resources for a much broader audience. The value of the teachings of the great institutions has been rationed to those who can physically and monetarily access their facilities.
“Eruditus unlocks those assets and enables those institutions to help a whole new cohort of learners around the globe.”
Vivian Wu, Managing Partner for Ventures at the Chan Zuckerberg Initiative, added: “Eruditus serves as a critical innovation partner for top universities as they expand online course offerings in response to workforce needs and market demand.
“We’re excited to support the growing partnerships between U.S. universities and those in India, China, and Latin America that are making truly high-quality education accessible to a broad and diverse range of students.”
Emaido Affia is a Nigeria-based reporter for Global Education Times who covers stories from North America, MENA and Africa for the publication. Emaido is an experienced journalist and is also a lifestyle blogger in her free-time.