Edtech company Udacity raises $75 Mn in debt from Hercules Capital
Udacity has signed a $75 Mn debt facility, with Hercules Capital serving as the underwriter.It also announced that its Q3 enterprise and government bookings rose by 120% year-over-year, total bookings increased 80% year-over-year, and ARR increased 260% in H1 2020.
Udacity is a global, online training platform powering digital transformation and accelerated time-to-market initiatives for Fortune 500 and Global 2000 enterprises. The company’s programmes provide industry-created practitioner skills through a series of "Nanodegree" programmes consisting of online courses and real-world projects in artificial intelligence, machine learning, data science, autonomous systems, cloud computing, cybersecurity, programming, digital marketing, and product management, among other disciplines.
"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," said Gabriel Dalporto, CEO of Udacity. "This new financing will help us continue to scale and provide global workers with the skills they need to future-proof their careers."