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- Noodle
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
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
Website
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
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Oct 2021 | Series C | BlackRock (lead); Owl Ventures | $50M | Noodle 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 2020 | Series B | ValueAct Capital (lead); Lumina Foundation | $16M | Noodle 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 2019 | Undisclosed stage | - | $18M | Noodle 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 2017 | Series A | Owl Ventures (lead) | $14M | Noodle 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 2017 | Series A | SWaN & Legend Venture Partners (lead) | $8M | - |
| Oct 2016 | Seed | Osage Venture Partners (lead); New Markets Venture Partners; 500 Global | $4M | Noodle 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 2015 | Undisclosed stage | Rethink Education (lead) | $28M | Noodle 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Dec 2017 | ||
| 1 | Lead | Jan 2017 | ||
| 1 | Participant | Oct 2016 | ||
| 1 | Lead | Oct 2021 | ||
| 1 | Lead | Oct 2016 | ||
| 1 | Lead | Jul 2015 | ||
| 1 | Lead | Jun 2020 | ||
This data is available for Pro users. Sign up to see all 9 Noodle 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 TrialAcquisitions 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
| 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 Country | ||||
| HQ City | Boston, MA | Cape Town | New York City, NY | Boston, MA |
| Deal Date | 3 Jul 2025 | 19 Jan 2023 | 18 Sep 2019 | 23 Jul 2015 |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed |
| EV/Revenue | ||||
| EV/EBITDA | ||||
This data is available for Pro users. Sign up to see all Noodle acquisitions and their M&A valuation multiples. Start Free Trial | ||||
Noodle Competitors
Noodle competitors include listed companies like Duolingo, Graham Holdings, Stride and East Buy, and private ones like Guild and GoStudent.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1B | $152M | $6.9B | 4.9x | ||
| Publicly listed | $4.9B | $682M | $4.8B | 1.0x | ||
| Private | - | - | $4.4B | - | ||
| Private | $107M | $16M | $3.4B | - | ||
| Publicly listed | $2.5B | $580M | $3.4B | 1.2x | ||
| Publicly listed | $850M | $98M | $3.4B | 2.8x |
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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $4.8B | $1.4B | 2.4x | 2.3x | 8.1x | 10.4x | |||
| $4.9B | $563M | 1.0x | 0.8x | 8.8x | 5.6x | |||
| $1B | $152M | 5.4x | 4.9x | 37.3x | 17.9x | |||
| $3B | $700M | 1.3x | 1.2x | 5.7x | 6.9x | |||
| $1.7B | $515M | 3.2x | 3.0x | 10.7x | 9.6x | |||
| $4.9B | $682M | 1.0x | 1.0x | 7.3x | - | |||
| $2B | $462M | 2.5x | 2.4x | 10.4x | 9.1x | |||
| $1.1B | $306M | 3.4x | 3.3x | 12.4x | 10.0x | |||
This data is available for Pro users. Sign up to see all Noodle competitors and their valuation data. Start Free Trial | ||||||||
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. |
See companies similar to Noodle
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