Noodle Funding, Investors & Competitors

Noodle has raised $138M across 7 funding rounds, most recently a $50M Series C in October 2021.

Last Noodle funding round

$50M

Series C · Oct 2021

Cumulative funding Noodle raised

$138M

across 7 funding rounds

Key investors in Noodle

  • Owl Ventures
  • 500 Global
  • BlackRock
  • Rethink Education
  • Osage Venture Partners
  • New Markets Venture Partners
  • SWaN & Legend Venture Partners
  • Lumina Foundation

Noodle Overview

About Noodle

Noodle is an education technology company based in New York City, partnering with universities to launch online and hybrid degree programs. The firm manages full program lifecycles from marketing and enrollment to curriculum design and alumni engagement. Founded in 2013, Noodle collaborates with 20 institutions like Yeshiva University, enrolling 50,000 students annually. Its platform supports bootcamps in data science and nursing, achieving 90 percent graduate placement rates through dedicated career services.


Founded

2015

HQ

United StatesNew York City, NY

Website

noodle.com

Status

Privately held

Customer focus

B2B

Revenue model

Services, Subscription

Noodle Funding History

Noodle has raised a total of $138M across 7 funding rounds.

Noodle's first fundraising round was a $28M undisclosed-stage round in July 2015. The most recent completed round was a $50M Series C in October 2021.

Noodle funding rounds

Noodle funding rounds
DateStageInvestorsRaisedDeal Summary
Oct 2021Series CBlackRock (lead); Owl Ventures$50MNoodle Education, Inc., an online learning network and infrastructure platform for universities and colleges, announced a $50 million Series C funding round on October 6, 2021, led by funds and accounts managed by BlackRock, with participation from returning investors including Owl Ventures. Barclays served as the exclusive placement agent. This round brought Noodle's total equity funding to over $125 million since inception, following a Series B in 2020 totaling more than $30 million led by ValueAct Spring Fund, Lumina Foundation, and existing investors. Noodle partners with top universities to build and manage online degree programs, offering services such as market research, marketing, recruitment, learning design, technology, student and faculty support, and clinical placements. The company positions itself as transforming higher education through a more attractive revenue model than traditional online program managers (OPMs), with a focus on digital transformation, cost reduction, increased capacity, and enhanced student/faculty engagement. In 2021, Noodle signed 66% of all degree partnerships with domestic top-200 universities, and aimed to manage over 100 degree programs and launch a lifelong learning platform within six months post-funding. Prior to the Series C, Noodle acquired key assets of HotChalk, a leading OPM, in 2020, including its program portfolio, Creative Communications Associates marketing agency, and teams for marketing, enrollment, and technology. Investors were drawn to Noodle's fast growth (doubling annually), strong management team led by CEO John Katzman, and large total addressable market (TAM) in online higher education. The funding was intended to accelerate market disruption and expansion amid the shift to digital learning.
Jun 2020Series BValueAct Capital (lead); Lumina Foundation$16MNoodle Partners announced a $16 million Series B funding round on June 9, 2020, led by San Francisco-based ValueAct Spring Fund and joined by the Lumina Foundation and existing investors. The company, founded by John Katzman (also founder of 2U and The Princeton Review), operates as an online program management provider working with universities to build and manage online and hybrid degree programs. By the time of this funding, Noodle had helped build 50 online programs across two dozen universities including Howard University, Tufts University, University of Michigan, and University of Virginia. The company aimed to double its program portfolio to 100 by year-end 2020. Combined with all prior rounds, the $16 million Series B brought total capital raised to over $60 million at that time. Noodle differentiated itself through transparent pricing and lower costs compared to traditional online program management competitors, offering a revenue-sharing model where universities paid management fees rather than surrendering 50-80% of tuition revenues to third-party providers.
Jun 2019Undisclosed stage-$18MNoodle is an online learning network partnering with universities to offer degree programs, positioning itself as faster-growing than competitors with a more attractive revenue model than traditional online program managers (OPMs). The company reported signing 66% of all degree partnerships with top-200 U.S. universities in 2021. It has raised over $125M in equity capital across multiple rounds by 2021, including a Series C of $50M on October 6, 2021 led by BlackRock with Owl Ventures participating, following a Series B of over $30M in 2020 led by ValueAct Spring Fund and Lumina Foundation. In 2020, Noodle acquired key assets of HotChalk, including its program portfolio, Creative Communications Associates marketing agency, and teams for marketing, enrollment, and technology.
Dec 2017Series AOwl Ventures (lead)$14MNoodle Partners raised $14 million in a Series A funding round led by Owl Ventures in December 2017. This followed a $4 million seed round from Osage Venture Partners and New Markets Venture Partners, bringing total funding to about $18 million. The company operates as an online program manager (OPM) helping nonprofit colleges and universities build and advertise digital degree programs. Founded by John Katzman, former CEO of 2U, Noodle Partners partners with institutions like Tulane University, American University, and New York University. It offers modular services allowing colleges to select specific components rather than all-in-one OPM packages, which typically involve a 60 percent revenue share for around a decade.
Jan 2017Series ASWaN & Legend Venture Partners (lead)$8M-
Oct 2016SeedOsage Venture Partners (lead); New Markets Venture Partners; 500 Global$4MNoodle Partners is an online program management (OPM) provider founded in 2015 by John Katzman, the serial entrepreneur behind The Princeton Review and 2U. The company helps colleges and universities design, build, and deliver high-quality online degree programs and certificates. Rather than taking a percentage of tuition revenues like traditional OPMs (which typically demand 50–80% of tuition), Noodle uses a fee-for-service model, charging a flat rate for services such as recruiting, instructional design, technology infrastructure, and student support. The company projects that its customers will pay approximately 30 percent of tuition revenue to Noodle and its service provider partners combined, with Noodle retaining 2 to 3 percent. In October 2016, Noodle Partners announced a $4 million seed round led by Osage Venture Partners, with participation from New Markets Venture Partners, 500 Startups, and others. The company had already secured its first customer, Pepperdine University, in March 2016 and planned to launch ten additional online degree programs by spring 2017. At the time of the seed round, Noodle Partners employed 15 people and intended to expand the team with the new capital while pursuing an additional funding round within a year.
Jul 2015Undisclosed stageRethink Education (lead)$28MNoodle Companies, founded in 2010 by John Katzman (previously of Princeton Review and 2U), operates a family of edtech firms including Noodle.com, Noodle Markets, Noodle Partners, and Noodle Pros, aimed at enhancing transparency, efficiency, and delivery in K-12 through higher education by helping schools offer better programs and aiding students/parents in decision-making. Noodle Partners focuses on next-generation online higher education, building on 2U's model where 30% of graduate degrees are now online-only. Related activity includes Noodle Markets raising $3 million seed funding led by Rethink Education in January 2016 to transform K-12 purchasing, and Noodle Companies announcing a $5 million Series A from SWaN & Legend Venture Partners. Noodle Partners had a $4 million seed led by Osage Ventures in October 2016. Rethink Education, founded in 2012, invests in early-stage edtech (seed/Series A, $1M-$3M checks) and had portfolio successes like 2U IPO and acquisitions of General Assembly and Trilogy Education.

Who has invested in Noodle?

9 investors have backed Noodle across its funding rounds, including Owl Ventures, 500 Global, BlackRock, Rethink Education, Osage Venture Partners and New Markets Venture Partners.

Lead investors include BlackRock, ValueAct Capital, Owl Ventures, SWaN & Legend Venture Partners, Osage Venture Partners and 1 other investor.


Noodle Investors

Investors in Noodle by funding rounds participated
InvestorHQRoundsRoleFirst check
Owl VenturesUnited StatesSan Francisco, CA2LeadDec 2017
SWaN & Legend Venture PartnersUnited StatesWashington, DC1LeadJan 2017
New Markets Venture PartnersUnited StatesBaltimore, MD1ParticipantOct 2016
BlackRockUnited StatesUnited States1LeadOct 2021
Osage Venture PartnersUnited StatesPhiladelphia, PA1LeadOct 2016
Rethink EducationUnited StatesNew York City, NY1LeadJul 2015
ValueAct CapitalUnited StatesSan Francisco, CA1LeadJun 2020

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Acquisitions by Noodle

Noodle has acquired 4 companies to date.

Last acquisition by Noodle was on July 3rd 2025. Noodle acquired MindMax for undisclosed valuation.


Latest Acquisitions by Noodle

MindMax
Hubble Studios
Clark
Allclasses
Description
MindMax is a higher education marketing firm based in Indianapolis that delivers online enrollment services and digital advertising for universities. The company manages lead generation, campaign optimization, and enrollment operations for continuing education, online degree programs, and non-credit courses targeting adult learners beyond traditional freshmen. MindMax supports institutions with data analytics, CRM integration, and performance tracking to boost application rates and student retention across diverse learner segments.
Hubble Studios is a Minneapolis-headquartered eLearning provider specializing in custom online courses since 2012. It develops interactive content for universities, nonprofits, and corporations using Articulate Storyline and Adobe Captivate. Partnerships with institutions like the University of Minnesota deliver SCORM-compliant modules on topics from compliance training to technical skills.
Clark is a software platform designed for tutoring businesses in the United States, enabling scheduling, billing, and client management for individual tutors and agencies. The tool automates lesson bookings, payments via Stripe integration, and progress tracking through customizable reports. Clark supports scalability for operations handling up to hundreds of students, with features like Zoom integration and automated reminders. Headquartered in Austin, Texas, it targets the K-12 supplemental education market.
Allclasses is a search engine aggregating online and in-person classes worldwide across academics, professional skills, and hobbies. Launched in 2013 and San Francisco-headquartered, it indexes millions of courses from platforms like Coursera, Udemy, and local studios, with filters for price, location, duration, and ratings.
HQ CountryUnited StatesSouth AfricaUnited StatesUnited States
HQ City
Boston, MA
Cape Town
New York City, NY
Boston, MA
Deal Date3 Jul 202519 Jan 202318 Sep 201923 Jul 2015
Valuationundisclosedundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Noodle Competitors

Noodle competitors include listed companies like Duolingo, Graham Holdings, Stride and East Buy, and private ones like Guild and GoStudent.

Public and private companies comparable to Noodle
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
DuolingoUnited StatesUnited StatesPublicly listed$1B$152M$6.9B4.9x
Graham HoldingsUnited StatesUnited StatesPublicly listed$4.9B$682M$4.8B1.0x
GuildUnited StatesDenver, COPrivate--$4.4B-
GoStudentAustriaViennaPrivate$107M$16M$3.4B-
StrideUnited StatesUnited StatesPublicly listed$2.5B$580M$3.4B1.2x
East BuyChinaChinaPublicly listed$850M$98M$3.4B2.8x

Noodle Public Comps

Noodle is still privately-owned, but its public comps include Pearson, New Oriental Education, Duolingo, TAL Education, Laureate Education, Graham Holdings, Covista, Grand Canyon Education, Fibra Educa and Stride.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Pearson$4.8B$1.4B2.4x2.3x8.1x10.4x
New Oriental Education$4.9B$563M1.0x0.8x8.8x5.6x
Duolingo$1B$152M5.4x4.9x37.3x17.9x
TAL Education$3B$700M1.3x1.2x5.7x6.9x
Laureate Education$1.7B$515M3.2x3.0x10.7x9.6x
Graham Holdings$4.9B$682M1.0x1.0x7.3x-
Covista$2B$462M2.5x2.4x10.4x9.1x
Grand Canyon Education$1.1B$306M3.4x3.3x12.4x10.0x

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Common questions about Noodle

When was Noodle founded?Noodle was founded in 2015.
Where is Noodle headquartered?Noodle is headquartered in New York City, NY, United States.
Is Noodle publicly listed?No, Noodle is a private, VC-backed company.
How much funding has Noodle raised?Noodle has raised $138M across 7 funding rounds.
What was Noodle's last funding round?Noodle's last funding round was a $50M Series C in October 2021, led by BlackRock.
Who are Noodle's investors?Noodle's investors include Owl Ventures, SWaN & Legend Venture Partners, New Markets Venture Partners, BlackRock, Osage Venture Partners, Rethink Education, ValueAct Capital, 500 Global and Lumina Foundation.
Which companies are comparable to Noodle?Companies comparable to Noodle include Duolingo, Graham Holdings, Guild, GoStudent, Stride and East Buy.
How many companies has Noodle acquired?Noodle has acquired 4 companies, including MindMax, Hubble Studios, Clark and Allclasses.

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