MasterClass Revenue, Valuation, Funding & Investors

MasterClass is valued at $2.8B as of April 2021, a 27.5x multiple on its last reported $100M revenue.

Last MasterClass valuation

$2.8B

Series F · Apr 2021

Last MasterClass funding round

$225M

Series F · Apr 2021

MasterClass revenue

$100M

Series F · Apr 2021

Key investors in MasterClass

  • Advancit Capital
  • New Enterprise Associates
  • Bloomberg Beta
  • Javelin Venture Partners
  • Novel TMT Ventures
  • IVP

MasterClass Overview

About MasterClass

MasterClass is a subscription video-learning platform offering high-production courses taught by well-known experts and celebrities across subjects such as writing, cooking, filmmaking, and sports. Subscribers pay an annual fee for access to the full course library, and the company has also introduced MasterClass at Work, an enterprise offering for corporate learning and employee perks. Instructors have included Serena Williams, Annie Leibovitz, and Jerry Seinfeld.


Founded

2012

HQ

United StatesUnited States

Status

Privately held

Customer focus

B2C

Revenue model

Subscription

Revenue

$100M (Apr 2021)

Valuation

$2.8B (Apr 2021)

MasterClass Valuation

MasterClass is currently valued at $2.8B, based on its Series F in April 2021.

The $225M round was led by Fidelity.

MasterClass' valuation has grown 3.4x from $800M at its Series E in May 2020 to $2.8B in April 2021, across 2 priced rounds.

MasterClass valuation by funding round

Revenue multiple
MasterClass valuation by funding round
DateStageValuationRevenue Multiple
Apr 2021Series F$2.8B27.5x
May 2020Series E$800M-

MasterClass Revenue

MasterClass' latest recorded revenue is $100M, as of its Series F in April 2021. At a $2.8B valuation, that implies a 27.5x revenue multiple.

MasterClass revenue by funding round

MasterClass revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Apr 2021$100M$2.8B27.5xSeries F

* 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.

MasterClass Funding History

MasterClass has raised a total of $461M across 7 funding rounds.

MasterClass' first fundraising round was a $2M seed round in February 2013. The most recent completed round was a $225M Series F in April 2021.

MasterClass funding rounds

MasterClass funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Apr 2021Series FFidelity (lead)$225M$2.8BMasterClass is a subscription-based online learning platform offering high-production-value courses taught by world-class experts and celebrities across disciplines including writing, cooking, filmmaking, and sports. The company has expanded its reach through MasterClass at Work, an enterprise offering that provides content as a workplace perk and education offering for corporate clients. In May 2021, MasterClass announced its Series F funding round, raising $225 million led by Fidelity Investments with participation from Institutional Venture Partners (IVP), NEA, BAM Elevate, Baillie Gifford, Eldridge, Javelin Venture Partners, Owl Ventures, and Scottish Mortgage Investment Trust. This round valued the company at $2.75 billion, marking a significant milestone in its growth trajectory. The company reported an annual recurring revenue (ARR) of $100 million in 2022, representing 270% growth from $27 million in 2021, with over 2 million subscribers and 13 million monthly page visits as of 2023. At its $100 million ARR, MasterClass traded at a 27.5x revenue multiple, substantially higher than public competitors such as Udemy, Coursera, Duolingo, and Stride, which traded at revenue multiples of approximately 1-15x as of mid-2023. The funding round proceeded during a period of strong momentum in the edtech sector, which received $8.3 billion in venture capital in 2021, and was designated to expand international content, develop mobile experiences, and enhance production capabilities.
May 2020Series EFidelity (lead); Powerhouse Capital; IVP; New Enterprise Associates; True Capital Management; Owl Ventures; Sand Hill Angels; 01 Advisors; Gaingels; Jonathan Swanson; Quiet Capital; Atomico$100M$800MMasterClass is an online learning platform offering celebrity-taught courses accessible through annual subscription. In May 2020, the company raised $100 million in a Series E funding round led by Fidelity Management & Research Company, with participation from Owl Ventures, 01 Advisors, and existing investors including NEA, IVP, Atomico, and NextEquity Partners. The round valued the company at $800 million according to Bloomberg, though CEO David Rogier stated the actual valuation was higher without disclosing the precise figure. The company had raised approximately $240 million in total venture capital prior to this round across seven funding rounds from seed to Series E. MasterClass charges $180 annually for its standard subscription providing access to the entire course library. The subscription model accounted for 100% of the company's revenue by 2020. In 2019, the company generated $44.5 million in revenue, which nearly doubled to $88.9 million in 2020. CEO Rogier indicated that revenue increased ten-fold over the same period in the months prior to the May 2020 funding announcement, attributed to pandemic-driven demand as people spent more time at home. The platform had attracted over 30,000 customers within its first four months of launch and featured courses led by high-profile instructors including Steph Curry, Chris Hadfield, and Jerry Seinfeld. The $100 million capital infusion was earmarked for product development and expanding content production to one new class per week. The company also pursued distribution expansion through deals with AppleTV and Roku, and experimented with augmented and virtual reality formats. Rogier stated the funding put the company on an IPO trajectory and noted that the company would need to hire at least 50 additional staff members, bringing headcount to approximately 300 employees. The timing of the raise coincided with accelerating edtech adoption during COVID-19 lockdowns, positioning MasterClass to capitalize on heightened consumer interest in online learning and skill development.
Sep 2018Series DAkkadian Ventures (lead); IVP (lead); New Enterprise Associates; Advancit Capital; Javelin Venture Partners; Hedosophia; Evolution Media; Atomico$80M-MasterClass, an online learning platform offering celebrity-taught classes such as tennis from Serena Williams and photography from Annie Leibovitz, raised an $80 million Series D funding round in September 2018, led by IVP with participation from Javelin Venture Partners, NEA, Advancit Capital, Atomico, and Evolution Media. The funds were earmarked for international expansion and signing more celebrities, with the company offering 39 classes at the time and planning to exceed 50 by year-end. This followed a previous $54.5 million raise, bringing total funding past $130 million. Sales more than doubled from 2016 to 2017 and were on track to double again in 2018, positioning MasterClass to match edtech peers Udacity ($70 million revenue in 2017) and Coursera (nearing $100 million annually), according to CEO David Rogier, though exact financials were not disclosed. A new $180 annual subscription model, launched recently, drove 80% of revenue, marking a significant shift from $90 per-class purchases and contributing to rapid growth alongside a new mobile app. MasterClass differentiated itself in the competitive edtech space against older players like Udacity (founded 2011, $1 billion valuation in 2015) and Coursera (founded 2012, $800 million valuation in 2017) by focusing on high-impact celebrity instruction, with one-fourth of students reporting life-transforming experiences. The company withheld valuation details for this round, unlike later financings such as the 2020 Series E at $800 million+ and 2021 Series F at $2.75-2.8 billion.
Mar 2017Series CIVP (lead); Novel TMT Ventures; Sam Lessin; New Enterprise Associates; Bloomberg Beta; Advancit Capital; BAM Elevate; Javelin Venture Partners; GSV Ventures; UTA Ventures; Yan-David Erlich; MX Investments$35M-MasterClass is an online education subscription platform that teaches a wide range of subjects through pre-recorded courses from celebrity and expert instructors. The platform operates on a subscription model, with annual membership tiers priced at $120, $180, and $240 depending on features and device access. By 2022, the company had achieved $100 million in annual recurring revenue and had over 2 million subscribers. The company's revenue model is 100% subscription-based, with a single instructor earning up to $100,000 upfront plus 30% of revenue generated from their courses. MasterClass has raised significant venture capital over multiple rounds, with a total of $461.4 million in funding to date and an estimated valuation of $2.8 billion as of the most recent data available. The company experienced substantial growth during the COVID-19 pandemic, doubling revenue in 2020 to $88.9 million from $44.5 million in 2019, driven by increased consumer interest in online education and home-based learning.
Feb 2016Series BNew Enterprise Associates (lead); Novel TMT Ventures; WME Ventures; Bloomberg Beta; Advancit Capital; Downey Ventures; Javelin Venture Partners; Yan-David Erlich$15M-MasterClass raised $15 million in a Series B funding round on February 23-24, 2016, led by New Enterprise Associates. Participating investors included Advancit Capital, Bloomberg Beta, Downey Ventures, Javelin Venture Partners, Novel TMT Ventures, WME Ventures, and Yan-David Erlich. The funding aimed to scale the business and increase marketing efforts.
Jan 2015Series AJavelin Venture Partners (lead); Novel TMT Ventures; WME Ventures; Evolution VC Partners; Bloomberg Beta; Advancit Capital; Yan-David Erlich; Harrison Metal; MX Investments$5M-MasterClass raised $4.5 million in a Series A round in January 2015 led by Javelin Venture Partners, with participation from Advancit Capital, Bloomberg Beta, Evolution VC Partners, Harrison Metal, MX Investments, Novel TMT Ventures, WME Ventures, and Yan-David Erlich. The funding aimed to expand course offerings and improve platform technology. Founded in May 2015 in San Francisco, MasterClass offers online classes taught by celebrities such as Aaron Sorkin, Serena Williams, Gordon Ramsay, and Frank Gehry. By late 2015, the platform had garnered over 30,000 signups since launch. The company emphasized high production values, with noted film directors overseeing class production to create narrative-driven educational content.
Feb 2013SeedHarrison Metal (lead); Novel TMT Ventures; Brendan Wallace; Bloomberg Beta; Advancit Capital$2M--

Who has invested in MasterClass?

30 investors have backed MasterClass across its funding rounds, including Advancit Capital, New Enterprise Associates, Bloomberg Beta, Javelin Venture Partners, Novel TMT Ventures and IVP.

Lead investors include Fidelity, Akkadian Ventures, IVP, New Enterprise Associates, Javelin Venture Partners and 1 other investor.


MasterClass Investors

Investors in MasterClass by funding rounds participated
InvestorHQRoundsRoleFirst check
Advancit CapitalUnited StatesBoston, MA5ParticipantFeb 2013
Novel TMT VenturesUnited StatesNew York City, NY4ParticipantFeb 2013
New Enterprise AssociatesUnited StatesSan Francisco, CA4LeadFeb 2016
Bloomberg BetaUnited StatesSan Francisco, CA4ParticipantFeb 2013
Javelin Venture PartnersUnited StatesSan Francisco, CA4LeadJan 2015
IVPUnited StatesSan Francisco, CA3LeadMar 2017
Yan-David ErlichUnited StatesSan Francisco, CA3ParticipantJan 2015
WME VenturesUnited StatesNew York City, NY2ParticipantJan 2015
FidelityUnited StatesBoston, MA2LeadMay 2020
Harrison MetalUnited StatesSan Francisco, CA2LeadFeb 2013
MX InvestmentsUnited StatesLos Angeles, CA2ParticipantJan 2015
AtomicoUnited KingdomLondon2ParticipantSep 2018
Powerhouse CapitalUnited StatesLos Angeles, CA1ParticipantMay 2020

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MasterClass Competitors

MasterClass competitors include listed companies like COL Global and East Buy, and private ones like Age of Learning, Outschool, Eruditus Executive Education and UpGrad.

Public and private companies comparable to MasterClass
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
COL GlobalChinaChinaPublicly listed$247M($78M)$2.6B8.9x
Age of LearningUnited StatesLos Angeles, CAPrivate$100M-$3B-
OutschoolUnited StatesSan Francisco, CAPrivate$100M-$3B30.0x
Eruditus Executive EducationIndiaMumbaiPrivate$399M-$3.1B7.8x
East BuyChinaChinaPublicly listed$850M$98M$3.4B2.8x
UpGradIndiaMumbaiPrivate$257M-$2.3B8.8x

MasterClass Public Comps

MasterClass is still privately-owned, but its public comps include COL Global, McGraw Hill, East Buy, Stride, Alef Education, Youdao, Coursera, Afya, American Public Education and Graham Holdings.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
COL Global$247M($78M)10.8x8.9x(34.3x)(2053.7x)
McGraw Hill$2.1B$613M2.4x2.3x8.1x6.5x
East Buy$850M$98M3.0x2.8x26.3x22.4x
Stride$2.5B$580M1.2x1.2x5.1x4.8x
Alef Education$210M$150M8.2x7.8x11.5x11.1x
Youdao$881M$29M2.1x2.0x63.1x33.8x
Coursera$758M($49M)0.5x0.3x(7.7x)2.7x
Afya$719M$289M2.3x2.2x5.6x5.0x

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Common questions about MasterClass

When was MasterClass founded?MasterClass was founded in 2012.
Where is MasterClass headquartered?MasterClass is headquartered in United States.
Is MasterClass publicly listed?No, MasterClass is a private, VC-backed company.
What is MasterClass' valuation?MasterClass was last valued at $2.8B in its Series F in April 2021.
How much funding has MasterClass raised?MasterClass has raised $461M across 7 funding rounds.
What was MasterClass' last funding round?MasterClass' last funding round was a $225M Series F in April 2021, led by Fidelity.
Who are MasterClass' investors?MasterClass' investors include Advancit Capital, Novel TMT Ventures, New Enterprise Associates, Bloomberg Beta, Javelin Venture Partners, IVP, Yan-David Erlich, WME Ventures, Fidelity, Harrison Metal and 20 others.
What is MasterClass' revenue?MasterClass' latest recorded revenue is $100M (April 2021).
What is MasterClass' revenue multiple?MasterClass' latest valuation implies a 27.5x revenue multiple ($2.8B valuation on $100M of revenue).
Which companies are comparable to MasterClass?Companies comparable to MasterClass include COL Global, Age of Learning, Outschool, Eruditus Executive Education, East Buy and UpGrad.

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