- Companies
- Codecademy
Codecademy Acquisition, Valuation, Funding & Investors
Codecademy was acquired by Skillsoft for $525M in December 2021, a 12.5x multiple on $42M of revenue.
Codecademy revenue at acquisition
$42M
Last twelve months · Dec 2021
Codecademy revenue multiple at acquisition
12.5x
EV/Revenue · Dec 2021
Cumulative funding Codecademy raised
$75M
across 3 funding rounds
About Codecademy
Codecademy is a New York-based online learning platform offering interactive courses in HTML/CSS, JavaScript, Python, Ruby, PHP, and APIs. Learners build projects with real-time peer feedback on web and mobile platforms. Founded in 2011, the platform serves millions worldwide and expanded into data science, web development, and full-stack engineering tracks. Acquired by Skillsoft in 2021, Codecademy partners with enterprises for upskilling programs.
Founded
2011
HQ
Website
Status
Acquired
Customer focus
B2B & B2C
Revenue model
Subscription
Revenue
$42M (Dec 2021)
Valuation
$525M (acquired Dec 2021)
Sectors
Codecademy Acquisition
Codecademy was acquired by Skillsoft for $525M on 22 December 2021.
The acquisition price implies a 12.5x revenue multiple on $42M of revenue.
Before the acquisition Codecademy had raised $75M across 3 funding rounds.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 22 Dec 2021 | PE buyout | $525M | 12.5x |
Codecademy Funding History
Codecademy has raised a total of $75M across 3 funding rounds.
Codecademy's first fundraising round was a $5M Series A in April 2014. The most recent completed round was a $40M Series D in February 2021.
Codecademy funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Feb 2021 | Series D | Owl Ventures (lead); Union Square Ventures; Prosus Ventures | $40M | Codecademy, an online interactive coding education platform founded in 2011, raised a $40 million Series D funding round on February 23, 2021, led by Owl Ventures with participation from Prosus Ventures and Union Square Ventures. The capital aims to accelerate direct-to-consumer (DTC) and business-to-business (B2B) growth, including new products, expanded curriculum, and international expansion into markets like India. The company had served over 50 million learners from 190+ countries, achieved cash-flow positivity for over two years, and reported strong 2020 growth with five million new users, 150,000 paid Codecademy Pro subscribers, and 600 Codecademy for Business customers. At the time of the round, Codecademy was generating $50 million in annual recurring revenue (ARR), consistent with its trajectory of doubling since 2018. B2B traction was particularly strong, with Codecademy for Teams launching post-beta and achieving 350% growth in bookings after its first year. The platform differentiated through interactivity over video-based learning, appealing to both individual learners and enterprises seeking hands-on technical skills training. Codecademy's mature growth positioned it alongside edtech peers like Udemy, with emphasis on enterprise expansion mirroring industry trends in reskilling amid remote work shifts accelerated by COVID-19. The company added a CFO from Chegg and hinted at IPO potential through diversified revenue and cash reserves. In late 2021, Codecademy was acquired by Skillsoft for approximately $525 million (40% cash, 60% equity), with projected $42 million revenue and $47 million bookings for calendar year 2021. |
| Jul 2016 | Series C | Prosus (lead); Index Ventures; Union Square Ventures; Flybridge; Employee Stock Option Fund; Virgin Group | $30M | Codecademy, an online coding education platform founded in 2011, raised $30 million in a Series C funding round in 2016 led by Prosus (then Naspers Ventures), with participation from Union Square Ventures, Flybridge Capital Partners, Index Ventures, and Richard Branson of Virgin Group. The platform offers interactive tutorials and exercises for programming languages like Python, HTML, and Java, targeting users worldwide to build coding skills for career advancement. At the time, Codecademy reported over 25 million users, with more than 50% outside the US, highlighting its global reach and the growing demand for accessible coding education amid limitations of traditional universities. The funding aimed to expand Codecademy's course offerings, support more languages, and enter new geographies, capitalizing on the explosion of interest in coding as a 21st-century skill. CEO Zach Sims emphasized the platform's role in providing economic opportunities through education, while Naspers Ventures CEO Larry Illg praised its product quality and execution for global positioning. This round followed earlier funding: $2.5 million Series A in 2011 led by Union Square Ventures and $10 million Series B in 2012 from Kleiner Perkins, Index Ventures, USV, Yuri Milner, and Branson, bringing total funding to around $42.5 million pre-Series D. Codecademy continued growth post-2016 without raising until 2021, when it secured a $40 million Series D led by Owl Ventures with Prosus and Union Square Ventures, increasing total funding to $82.5 million. By 2021, it had served over 50 million learners across 190 countries, achieved cash-flow positivity for over two years, and in 2020 added five million new users, 150,000 Pro subscribers, and 600 business customers. The company expanded into B2B with Codecademy for Business, partnering with governments and tech giants like Amazon and Google, while planning further international growth including India. |
| Apr 2014 | Series A | Flybridge | $5M | - |
Who has invested in Codecademy?
8 investors have backed Codecademy across its funding rounds, including Flybridge, Union Square Ventures, Index Ventures, Prosus Ventures, Employee Stock Option Fund and Owl Ventures.
Lead investors include Owl Ventures and Prosus.
Codecademy Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Jul 2016 | ||
| 2 | Participant | Apr 2014 | ||
| 1 | Participant | Jul 2016 | ||
| 1 | Lead | Feb 2021 | ||
| 1 | Lead | Jul 2016 | ||
| 1 | Participant | Jul 2016 | ||
This data is available for Pro users. Sign up to see all 8 Codecademy investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialCodecademy Competitors
Codecademy competitors include listed companies like Jiangsu Chuanzhiboke, Gaotu Techedu and Docebo, and private ones like Teachmint, Codemao and Classplus.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $57M | ($7M) | $540M | 6.3x | ||
| Publicly listed | $917M | ($38M) | $503M | 0.2x | ||
| Private | - | - | $500M | - | ||
| Private | $17M | - | $495M | - | ||
| Publicly listed | $243M | $26M | $594M | 2.4x | ||
| Private | $28M | - | $600M | 21.4x |
Codecademy Public Comps
Codecademy is no longer listed, but its public comps include Jiangsu Chuanzhiboke, Gaotu Techedu, Docebo, Qibu, MegaStudyEdu, American Public Education, I-Scream Media, Goodheart-Willcox, Fenbi and Chegg.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $57M | ($7M) | 8.9x | 6.3x | (67.8x) | - | |||
| $917M | ($38M) | 0.2x | 0.2x | (4.3x) | (33.7x) | |||
| $243M | $26M | 2.6x | 2.4x | 24.8x | 12.3x | |||
| $24M | ($16M) | 15.3x | - | (23.0x) | - | |||
| $644M | $139M | 0.4x | 0.4x | 2.0x | 1.9x | |||
| $649M | $64M | 1.1x | 1.1x | 11.6x | 7.8x | |||
| $143M | $48M | 0.6x | 0.7x | 1.6x | - | |||
| $24M | - | 6.9x | - | - | - | |||
This data is available for Pro users. Sign up to see all Codecademy competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Codecademy
| When was Codecademy founded? | Codecademy was founded in 2011. |
| Where is Codecademy headquartered? | Codecademy is headquartered in New York City, NY, United States. |
| Is Codecademy publicly listed? | No, Codecademy was acquired by Skillsoft in December 2021. |
| Who acquired Codecademy? | Codecademy was acquired by Skillsoft in December 2021. |
| How much was Codecademy acquired for? | Codecademy was acquired for $525M in December 2021, a 12.5x revenue multiple. |
| How much funding has Codecademy raised? | Codecademy has raised $75M across 3 funding rounds. |
| What was Codecademy's last funding round? | Codecademy's last funding round was a $40M Series D in February 2021, led by Owl Ventures. |
| Who are Codecademy's investors? | Codecademy's investors include Union Square Ventures, Flybridge, Index Ventures, Owl Ventures, Prosus, Employee Stock Option Fund, Prosus Ventures and Virgin Group. |
| Which companies are comparable to Codecademy? | Companies comparable to Codecademy include Jiangsu Chuanzhiboke, Gaotu Techedu, Teachmint, Codemao, Docebo and Classplus. |
See companies similar to Codecademy
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




