Homestartup News

Eruditus raises $113 million from Leeds Illuminate, Prosus Ventures, others

startup | IST

Eruditus raises $113 million from Leeds Illuminate, Prosus Ventures, others

Mini

The Eruditus group, consisting of Eruditus Executive Education and its online division EMERITUS, announced its Series D fundraising of $113 million (including secondary sales) led by Leeds Illuminate and Prosus Ventures (formerly Naspers Ventures) with participation from Chan Zuckerberg Initiative and existing investors Sequoia India and Ved Capital.

The Eruditus group, consisting of Eruditus Executive Education and its online division EMERITUS, announced its Series D fundraising of $113 million (including secondary sales) led by Leeds Illuminate and Prosus Ventures (formerly Naspers Ventures) with participation from Chan Zuckerberg Initiative and existing investors Sequoia India and Ved Capital.
According to the company, Eruditus has offices in six countries, 650-plus employees and seen more than 50,000 student enrolments over the past 12 months.
Eruditus partners with top-tier universities across the United States, Europe, Latin America, India and China to bring world-class business and professional education to a global audience, it said.
Eruditus has partnered with more than 30 universities to date, including MIT, Columbia, Harvard, Cambridge, INSEAD, Wharton, UC Berkeley, INCAE, IIT, IIM, NUS and HKUST, launching more than 100 courses and serving students from more than 80 countries.
Many courses are offered and facilitated in multiple languages, including Spanish, Portuguese and Mandarin.
Eruditus says it will use the new funds to increase its engagement with existing and new partner universities, 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.
“We collaborate closely with our university partners to make high-quality education more accessible and affordable,” said Ashwin Damera, Eruditus Co-Founder and CEO.
“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.”
“Eruditus delivers tremendous value to working professionals and global universities, and we are delighted to partner with this team,” said Susan Cates, Managing Partner of Leeds Illuminate.
“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.”
“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, and now higher education with the inclusion of Eruditus,” said Ashutosh Sharma, Head of Investments for India, Prosus Ventures.
“Eruditus serves as a critical innovation partner for top universities as they expand online course offerings in response to workforce needs and market demand,” said Vivian Wu, Managing Partner, Ventures, Chan Zuckerberg Initiative.
“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.”
Avendus Capital was the exclusive financial advisor to Eruditus on the transaction.
next story

Market Movers

Currency

CompanyPriceChng%Chng