Learneo Revenue, Valuation, Funding & Investors

Learneo is valued at $3.6B as of December 2021, a 18.0x multiple on its last reported $200M revenue.

Last Learneo valuation

$3.6B

Series C · Dec 2021

Last Learneo funding round

$395M

Series C · Dec 2021

Learneo revenue

$200M

Series C · Dec 2021

Key investors in Learneo

  • NewView Capital
  • Sequoia Capital
  • TPG
  • Wellington Management
  • D1 Capital Partners
  • GSV Ventures

Learneo Overview

About Learneo

Learneo is a Redwood City-headquartered portfolio company managing edtech brands advancing AI applications in education. It encompasses CliffsNotes for study guides, Course Hero for academic resources, LitCharts for literature analysis, QuillBot for AI-assisted writing improvement, Scribbr for multilingual proofreading, and Symbolab for mathematics problem-solving. Established by Andrew Grauer and Gregor Carrigan, Learneo drives enhancements in reading, writing, and math skills across school, professional, and daily contexts.


Founded

2006

HQ

United StatesSan Francisco, CA

Status

Privately held

Customer focus

B2B

Revenue model

Investment management

Revenue

$200M (Dec 2021)

Valuation

$3.6B (Dec 2021)

Learneo Valuation

Learneo is currently valued at $3.6B, based on its Series C in December 2021.

The $395M round was led by Wellington Management, with participation from SuRo Capital, NewView Capital, Valiant Peregrine Fund, Sequoia Capital, OMERS Growth Equity and 3 other investors.

Learneo's valuation has grown 3.3x from $1.1B at its Series B in February 2020 to $3.6B in December 2021, across 3 priced rounds.

Learneo valuation by funding round

Revenue multiple
Learneo valuation by funding round
DateStageValuationRevenue Multiple
Dec 2021Series C$3.6B18.0x
Aug 2020Series B$1.1B-
Feb 2020Series B$1.1B11.0x

Learneo Revenue

Learneo's latest recorded revenue is $200M, as of its Series C in December 2021. At a $3.6B valuation, that implies a 18.0x revenue multiple.

Revenue grew from $100M in February 2020 to $200M in December 2021, while the revenue multiple moved from 11.0x to 18.0x.

Learneo revenue by funding round

Learneo revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Dec 2021$200M$3.6B18.0xSeries C
Feb 2020$100M$1.1B11.0xSeries B

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Learneo Funding History

Learneo has raised a total of $475M across 3 funding rounds.

Learneo's first fundraising round was a $10M Series B in February 2020. The most recent completed round was a $395M Series C in December 2021.

Learneo funding rounds

Learneo funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Dec 2021Series CWellington Management (lead); SuRo Capital; NewView Capital; Valiant Peregrine Fund; Sequoia Capital; OMERS Growth Equity; TPG; D1 Capital Partners; GSV Ventures$395M$3.6BLearneo (formerly Course Hero) is a platform of interconnected educational technology and productivity businesses founded in 2022 by Andrew Grauer and Gregor Carrigan. The company operates a portfolio that includes Course Hero (an online learning platform with over 60 million course-specific study resources), QuillBot (an AI-powered writing assistant), Scribbr (academic proofreading), LitCharts (literature resources), LanguageTool (AI grammar checker), Symbolab (mathematics resource), CliffsNotes (study guides), and Digital Student Solutions including bartleby. In December 2021, Learneo completed a Series C funding round of $380 million led by Wellington Management, with participation from D1 Capital Partners, GSV Ventures, NewView Capital, OMERS Growth Equity, Sequoia Capital, SuRo Capital, TPG, and Valiant Capital Partners, valuing the company at $3,600 million post-money. At the time of the round, the company was generating $200 million in revenue for 2022. According to a September 2025 podcast, the company had achieved $4 million in ARR in 2021 and subsequently scaled to over $60 million ARR, while Course Hero alone grew to over 30 million monthly active users. The business has been recognized as one of Inc. 5000's fastest-growing companies multiple times, reflecting its significant growth trajectory across its portfolio of productivity and learning platforms.
Aug 2020Series B-$70M$1.1BLearneo, formerly known as Course Hero, is an education technology company founded in 2006 and headquartered in Redwood City, California. It operates a portfolio of learning platforms including Course Hero, QuillBot, CliffsNotes, LitCharts, Scribbr, and Symbolab, providing technology-driven learning tools and AI-powered productivity solutions for students, educators, and professionals globally. On August 26, 2020, Learneo closed a Series B-1 funding round raising $70 million, led by investors including Goldman Sachs and GSV Ventures. This followed an earlier Series B round on February 12, 2020, for $10 million. Later rounds included the Series C in December 2021, which raised $380 million at a $3.6 billion post-money valuation with investors including TPG, Wellington Management, D1 Capital Partners, GSV Ventures, and Sequoia Capital. Total funding across all rounds reached approximately $475-492 million by 2023, with additional growth capital in 2022. The company has not gone public and remains private, with recent share price estimates around $11.08 as of early 2026. Key investors include TPG, IDG Capital, NewView Capital, OMERS Growth Equity, and others focused on education and technology. Learneo joined the unicorn club, achieving valuations up to $4 billion in later assessments, positioning it as a scalable edtech player amid portfolio expansion and AI tool development.
Feb 2020Series BNewView Capital (lead)$10M$1.1BLearneo (operating as Course Hero) is an online learning platform founded in 2006 that allows students to share and purchase study materials and educational resources. The company had built a substantial user base with approximately 1 million paying subscribers, each paying between $10 and $40 per month. In February 2020, Learneo raised $10 million in a Series B round led by NewView Capital, which valued the company at $1.1 billion post-money. The funding also included a $30 million employee tender offer from NewView Capital, allowing employees to sell existing shares. At the time of the round, the company had surpassed $100 million in annual revenue and had been profitable since 2012. The company employed just over 200 people and planned to add approximately 100 more staff by the end of 2020. International visitors accounted for more than 30 percent of the platform's 400 million website visits in 2019, indicating strong global traction.

Who has invested in Learneo?

9 investors have backed Learneo across its funding rounds, including NewView Capital, Sequoia Capital, TPG, Wellington Management, D1 Capital Partners and GSV Ventures.

Lead investors include Wellington Management and NewView Capital.


Learneo Investors

Investors in Learneo by funding rounds participated
InvestorHQRoundsRoleFirst check
NewView CapitalUnited StatesSan Francisco, CA2LeadFeb 2020
SuRo CapitalUnited StatesSan Francisco, CA1ParticipantDec 2021
Wellington ManagementUnited StatesBoston, MA1LeadDec 2021
Valiant Peregrine FundUnited StatesUnited States1ParticipantDec 2021
Sequoia CapitalUnited StatesSan Francisco, CA1ParticipantDec 2021
OMERS Growth EquityCanadaToronto1ParticipantDec 2021
TPGUnited StatesSan Francisco, CA1ParticipantDec 2021

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Acquisitions by Learneo

Learneo has acquired 7 companies to date.

Last acquisition by Learneo was on May 31st 2023. Learneo acquired Student Brands for $20M.


Latest Acquisitions by Learneo

Student Brands
Bartleby
LanguageTool
Scribbr
Description
Student Brands is an edtech firm running direct-to-student platforms for study aids and essay assistance. New York-headquartered, the company operates brands like Course Hero alternatives, reaching millions of undergraduates with tools for note-sharing, plagiarism checks, and research databases. Student Brands focuses on US college markets with subscription models.
Bartleby is an online student resource platform featuring bartleby learn for textbook step-by-step solutions, bartleby write for proofreading and citations, and bartleby research for 24/7 expert answers. Subjects span math, science, engineering, business, and humanities.
LanguageTool is an open-source proofreading tool supporting grammar, style, and punctuation checks in 20-plus languages including English, German, French, Spanish, and Polish. Hosted in Germany, the software integrates with browsers, Microsoft Word, LibreOffice, and web editors via APIs, offering premium extensions for advanced rules and terminology consistency.
Scribbr is a Netherlands-based online service founded in 2012 that specializes in academic editing, proofreading, and thesis support for students worldwide. It employs over 500 editors to refine dissertations, essays, and research papers, offering subject-specific expertise in fields like business, law, and sciences. Scribbr provides plagiarism checks via its own scanner, citation generators for APA, MLA, and Chicago styles, and statistical consulting services.
HQ CountryUnited StatesUnited StatesGermanyNetherlands
HQ City
Los Angeles, CA
New York City, NY
Potsdam
Amsterdam
Deal Date31 May 202331 May 20235 Apr 202310 Mar 2022
Valuation$20M$20Mundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Learneo Competitors

Learneo competitors include listed companies like Stride and East Buy, and private ones like BetterUp, Zuoyebang, Articulate and Astromech.

Public and private companies comparable to Learneo
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
BetterUpUnited StatesSan Francisco, CAPrivate$100M-$4.7B47.0x
ZuoyebangChinaBeijingPrivate$33M-$10B-
ArticulateUnited StatesNew York City, NYPrivate--$3.8B-
AstromechUnited StatesUnited StatesPrivate--$3.8B-
StrideUnited StatesUnited StatesPublicly listed$2.5B$580M$3.4B1.2x
East BuyChinaChinaPublicly listed$850M$98M$3.4B2.8x

Learneo Public Comps

Learneo is still privately-owned, but its public comps include CorVel, XtalPi, Stride, East Buy, Tenable, Shenzhen Intellifusion, Liftoff Mobile, SoundHound, COL Global and Intsig Information.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
CorVel$959M$175M3.5x-19.1x-
XtalPi$120M$22M24.8x21.5x134.0x(141.6x)
Stride$2.5B$580M1.2x1.2x5.1x4.8x
East Buy$850M$98M3.0x2.8x26.3x22.4x
Tenable$999M$31M4.1x3.9x129.9x15.3x
Shenzhen Intellifusion$200M($3M)14.3x14.6x(952.5x)(1086.5x)
Liftoff Mobile$686M$203M5.9x-20.0x-
SoundHound$169M$19M14.6x11.3x132.5x(35.5x)

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Common questions about Learneo

When was Learneo founded?Learneo was founded in 2006.
Where is Learneo headquartered?Learneo is headquartered in San Francisco, CA, United States.
Is Learneo publicly listed?No, Learneo is a private, VC-backed company.
What is Learneo's valuation?Learneo was last valued at $3.6B in its Series C in December 2021.
How much funding has Learneo raised?Learneo has raised $475M across 3 funding rounds.
What was Learneo's last funding round?Learneo's last funding round was a $395M Series C in December 2021, led by Wellington Management.
Who are Learneo's investors?Learneo's investors include NewView Capital, SuRo Capital, Wellington Management, Valiant Peregrine Fund, Sequoia Capital, OMERS Growth Equity, TPG, D1 Capital Partners and GSV Ventures.
What is Learneo's revenue?Learneo's latest recorded revenue is $200M (December 2021).
What is Learneo's revenue multiple?Learneo's latest valuation implies a 18.0x revenue multiple ($3.6B valuation on $200M of revenue).
Which companies are comparable to Learneo?Companies comparable to Learneo include BetterUp, Zuoyebang, Articulate, Astromech, Stride and East Buy.
How many companies has Learneo acquired?Learneo has acquired 7 companies, including Student Brands, Bartleby, LanguageTool, Scribbr and CliffsNotes.
What was the largest acquisition by Learneo?The $20M acquisition of Student Brands in May 2023 is the largest acquisition Learneo has made to date.

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