Codecademy Raises $30 Million in New Funding

Codecademy Raises $30 Million in New Funding
Codecademy Raises $30 Million in New Funding

Codecademy, the giant  free online coding school with about 16 million registered users is about to expand their products globally and improve on its services. They announced a $30million in new funding. Naspers, the media giant based out of South Africa, is leader of the Series C round. Others in the round include previous investors Union Square Ventures, Flybridge Capital Partners, Index Ventures and Sir Richard Branson.

The new funding takes the total raised by Codecademy to $42.5 million.

In an interview, Codecademy co-founder and CEO Zach Sims said that the company is already generating some revenue from a paid “professional” service, which adds a layer of mentoring and assessment to the company’s self-guided coding content (and costs about $20 per month).

But Sims hinted in an interview with TechCrunch earlier this year during the World Economic Forum in Davos,about other ways the company could use to monetise its services.

“Prosumer tiers, additional content, mentoring, or even helping you get from zero to a full job and charging a fee for that,” he said. Sims also thinks the company can better place graduates in better jobs, and  however make money through it. Something which they have started doing themselves. Employing some graduates to mentor users paying for its professional-grade service.

“We think of ourselves as a gateway to economic opportunity,” said Sims. In an industry that’s been controlled by gatekeepers who often have no real sense of an applicants’ ability, a service like Codecademy can help place vetted talent within companies that need it, according to Sims.

And as Codecademy grows, the 26-year-old co-founder is hoping to expand its online training platform into other digital fields.

“Traditional universities are poorly equipped to meet the evolving demands of technology students and employers, and Codecademy fills an important and valuable gap in the market,” said Larry Illg, Naspers Ventures CEO. “The quality of the Codecademy product and the team’s execution have enabled a global footprint today and positions it well for future expansion.”

With this new funding, they will be able to achieve their vision.

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