Skillshare bags $66 million investment
Online learning platform Skillshare has announced that it has landed $66 million in Series D funding.
Skillshare noted that this investment round, led by OMERS Growth Equity, follows the ‘$42 million in capital from Union Square Ventures, Amasia, Burda Principal Investments, and Spero Ventures, who all participated in this round’.
The Skillshare online learning platform presently hosts approximately 12 million registered members, 8,000 teachers, about 30,000 video-content classes in creative disciplines, like photography, interior design, graphics, and illustration.
A statement from Skillshare stated: “With roughly 75 percent of Americans participating in a creative hobby and an industry valued at $2.25 trillion, Skillshare focused its resources on meeting the creative needs of everyone whether for personal or professional purposes and the shift has resonated: new member sign-ups have tripled and existing members are watching three times the number of lessons since the company repositioned.”
Skillshare believes ‘creativity will be at the heart of global rebuild’
Speaking on the development, Matt Cooper, CEO of Skillshare, said: “While the world faces an extended period of uncertainty, creativity will be at the heart of the global rebuild.
“Our shift as a business earlier this year has uniquely positioned us to meet that need and resulted in incredible growth, deeper user engagement and interest from new partners during a time where creativity is more important than ever.
“The impact of social distancing on our mental and emotional wellbeing is profound, and people today are in need of authentic human connection, supportive communities, and creative outlets.
“At the same time, during recessions and economic downturns, companies perform better because they invest in skills that allow room for ideas and innovation. Skillshare is meeting this demand for both personal and professional growth through creativity.”
Reflecting on the funding round, Saar Pikar, Managing Director at OMERS Growth Equity, said: “Skillshare serves the needs of professional creatives and everyday creative hobbyists alike, which presents a highly-innovative value proposition for the online learning market.
“We look forward to deepening our partnership with Skillshare, and our fellow investors, in order to help Matt Cooper and his team scale up the company’s international reach – and help Skillshare achieve the full potential of its unique approach to online learning.”
International students and Skillshare teachers to benefit from funding
Skillshare confirmed that “funding will be primarily used to create localized content for international students. And that the funding will also create more opportunities for Skillshare’s teachers.
“Skillshare will invest in tools that increase engagement between students and teachers, expand teachers’ audiences through dedicated marketing efforts, and create new formats for teachers to earn revenue.”
In the light of Covid-19 realities, the online learning and edtech market has witnessed a surge in demand for virtual education and the market is expected to grow to $375 billion by 2026.
Pic: Markus Winkler