Udacity secures $75 million debt facility
Edtech company Udacity has announced the signing of a new debt facility, through which it has raised a $75 million investment.
The global online training platform Udacity has secured a $75 million debt facility, with Hercules Capital acting as the underwriter of the agreement.
With this latest investment, Udacity plans to continue its growth on the same fast-paced momentum as it has been experiencing recently.
This market growth has predominantly been driven by businesses and governments across the world expressing a greater prioritisation of individuals with technology skills.
Udacity has seen an 80% rise in bookings across the board
Udacity revealed its impressive rise in bookings, including a 120% year-over-year increase in bookings for its Q3 enterprise and government scheme, and an 80% rise in bookings across the board.
Amongst its clients, Udacity says are a top pharmaceutical company, five leading aerospace companies, three of the Big Four professional services firms, and three branches of the US Department of Defence.
In an earlier report, we outlined another previous success for Udacity, as the edtech company experienced a staggering 260% growth in its H1 2020 revenue.
Market growth driven by prioritisation of technology skills from employers
Gabe Dalporto, CEO of Udacity, expressed his pleasure at this latest development, and his anticipation for the growth that the investment will facilitate.
Dalporto said: “Our clients clearly understand that investing in current talent, versus hiring from the outside, has proven to be a far more effective way to accelerate their digital transformation strategy.
“This new financing will help us continue to scale and provide global workers with the skills they need to future-proof their careers.”
Steve Kuo, Senior Managing Director and Technology Group Head at Hercules Capital, said: “Given Udacity’s growth, focus on sustainable business practices, and expanding reach across multiple industries, we are excited to provide this investment.
“We look forward to working with the company to help them sustain their impressive global growth, and continued innovation in upskilling and reskilling.”
Josephine Walbank is a reporter for Global Education Times (GET News) with a focus on education in the UK, Asia-Pacific, and Americas, and student experience and lifestyle news.
Josephine is an experienced journalist who previously served as the Editor-in-Chief of The Falmouth Anchor. She is also the former Deputy Editor of Voices, the Falmouth & Exeter Students’ Union’s publication, and has written for various food and lifestyle publications.
You can reach her at firstname.lastname@example.org