Udemy Acquisition, Valuation & Financials
Udemy was acquired by Coursera for $2.5B in December 2025, a 3.2x multiple on $790M of revenue.
Udemy revenue at acquisition
$790M
Last twelve months · Dec 2025
Udemy revenue multiple at acquisition
3.2x
EV/Revenue · Dec 2025
Udemy EBITDA multiple before the deal
3.5x
EV/EBITDA · last month listed · Apr 2026
About Udemy
Udemy Inc operates a marketplace platform at the center of a vibrant knowledge network. The company operates under two operating and reportable segments Enterprise segment and Consumer segment, out of which the Enterprise segment derives the maximum revenue. Geographically, the company derives maximum revenue from North America, and also has its presence in Europe, Middle East, Africa; Asia Pacific; and Latin America. The company leverages data, technology, and insights for effective learning experiences. It helps individuals and organizations to possess effective skill acquisition and development with flexibility.
Founded
2010
HQ
San Francisco, CAWebsite
Status
Acquired
Customer focus
B2C & B2B
Revenue model
Product sales, Subscription
Revenue
$790M (Dec 2025)
Valuation
$3.3B (Nov 2020)
Udemy Acquisition
Udemy was acquired by Coursera for $2.5B on 17 December 2025.
The acquisition price implies a 3.2x revenue multiple on $790M of revenue.
Before the acquisition Udemy had raised $261M across 6 funding rounds.
Coursera is acquiring Udemy in an all-stock transaction valued at approximately $2.5 billion, announced in December 2025. Udemy is an online learning platform offering courses across technology, business, and creative disciplines, serving millions of learners globally. Coursera, a MOOC provider specializing in university-backed and enterprise training, will be the acquirer with CEO Greg Hart continuing to lead the combined company. The merger combines Coursera's B2B enterprise capabilities and university partnerships with Udemy's large consumer-facing learner base and instructor ecosystem. Under the transaction structure, Udemy shareholders will receive 0.8 shares of Coursera stock for each share held. The combined company is projected to generate annual revenue exceeding $1.5 billion and achieve approximately $115 million in annual cost synergies within 24 months. Both companies highlighted AI skills training as a primary strategic rationale, noting rising global demand for artificial intelligence education. Coursera recently embedded its platform in ChatGPT and partnered with Anthropic, while Udemy launched AI-powered microlearning features and integrated its content into Claude and ChatGPT. The transaction, approved by both boards and supported by major shareholders including Insight Venture Partners, New Enterprise Associates, and Coursera Chairman Andrew Ng, is expected to close in the second half of 2026, subject to regulatory approval and shareholder votes. Following closing, Coursera plans to execute a sizable share repurchase program.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 17 Dec 2025 | Strategic M&A | $2.5B | 3.2x |
Udemy as a Public Company
Udemy traded as BER: 7WH before it was taken private. Its acquisition was announced in December 2025. April 2026 is its last month on record as a listed company, with a market cap of $690M and an enterprise value of $341M.
Last-twelve-month revenue was $794M, with EBITDA of $97M (12% margin), and the shares traded at 0.4x EV/Revenue and 3.5x EV/EBITDA.
Over the 4 years before that, its market cap fell from $1.5B in April 2022 to $690M, while revenue grew from $553M to $794M.
Udemy market cap while listed
Udemy EV/Revenue (LTM) while listed
| As of | Market cap | Revenue (LTM) | EBITDA (LTM) | EBITDA margin | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|---|
| Apr 2026 | $690M | $794M | $97M | 12% | 0.4x | 3.5x |
| Apr 2025 | $1B | $789M | $55M | 7% | 0.9x | 12.3x |
| Apr 2024 | $1.5B | $753M | $10M | 1% | 1.4x | 107.3x |
| Apr 2023 | $1.3B | $659M | ($39M) | -6% | 1.3x | (22.5x) |
| Apr 2022 | $1.5B | $553M | ($39M) | -7% | 1.8x | (25.1x) |
Market cap, enterprise value and last-twelve-month figures are month-end values, up to the last month Udemy traded.
Udemy Valuation
Udemy is currently valued at $3.3B, based on its Series F in November 2020.
The $50M round was led by Meros Equity Global Management and Tencent, with participation from Learn Capital, Changer Club and Winter Capital.
Udemy's valuation has grown 4.6x from $710M at its Series D in June 2016 to $3.3B in November 2020, across 3 priced rounds.
Udemy valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Nov 2020 | Series F | $3.3B |
| Feb 2020 | Series E | $2B |
| Jun 2016 | Series D | $710M |
Udemy Funding History
Udemy has raised a total of $261M across 6 funding rounds, plus 2 secondary share sales.
Udemy's first fundraising round was a $32M Series C in May 2014. The most recent completed round was a $4M seed round in July 2021.
Udemy funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2021 | Seed | Vershina Capital; Blue Gentian Capital; SharesPro; Alexander Rugaev | $4M | - | - |
| Nov 2020 | Series F | Meros Equity Global Management (lead); Tencent (lead); Learn Capital; Changer Club; Winter Capital | $50M | $3.3B | - |
| Oct 2020 | Secondary | Mindrock Capital (lead); Thunder Future; 10X Capital; Manhattan Venture Partners (MVP); Investlink Holdings; QD Ventures; Raison Wealth; Asas Capital | $33M | - | Udemy is an online learning platform offering courses across consumer and business segments. In October 2020, a secondary market transaction led by Mindrock Capital involved the purchase of shares for $33.2 million, providing liquidity to early investors and employees. For context, Udemy grew revenue 55.6% from 2019 to 2020, reaching $429.9 million in annual revenue by year-end 2020. The company followed this secondary round with a Series F primary funding round in November 2020 that raised $50 million at an explicit $3.2 billion valuation, demonstrating strong investor confidence in the platform's growth trajectory ahead of its October 2021 IPO. |
| Mar 2020 | Secondary | Veligera Capital; Mindrock Capital | $800K | - | - |
| Feb 2020 | Series E | Benesse (lead) | $50M | $2B | Udemy is an online learning marketplace founded in January 2009 that allows anyone to create and teach courses. By 2020, the platform had grown to 50 million students, 57,000 instructors, and a catalog of over 150,000 courses spanning subjects from programming and data science to languages and personal development. In February 2020, Udemy raised $50 million in Series E funding from Benesse Holdings, a Japan-based educational publisher and long-time content and localization partner since 2015. The round valued Udemy at $2 billion pre-money, marking significant growth from its prior Series D round in 2016 at approximately $710 million. Udemy's corporate learning division, Udemy for Business, had reached 5,000 corporate customers globally including major brands like Adidas, Booking.com, Pinterest, Toyota, and Wipro, offering subscription-based access to over 4,000 courses for employee training and development. By that date, Udemy had raised over $200 million in total venture capital from investors including Stripes, Insight Venture Partners, Norwest Venture Partners, Naspers (Prosus), and Learn Capital. The company planned to use the Series E proceeds to expand its San Francisco headquarters and establish or grow offices in Denver, Ireland, India, Brazil, and Turkey, capitalizing on the growing demand for online learning solutions. |
| Jun 2016 | Series D | Naspers (lead) | $60M | $710M | Udemy is an online marketplace for education offering user-generated courses in multiple languages to lifelong learners and corporate training services. In June 2016, Naspers invested $60 million in a follow-on round after Udemy's $65 million Series D in 2015, focusing on international expansion, hiring, product development, and increasing instructors, courses, and paying subscribers overseas. The investment stemmed from partnership discussions for global growth, leveraging Naspers' presence in emerging markets like India. At the time, Udemy had surpassed 11 million students, 20,000 instructors, and 50 million enrollments across 190 countries, with 40,000 courses in 80 languages. Naspers Ventures' Larry Illg joined the board, highlighting education tech's potential despite limited high-profile exits. This round valued Udemy at around $710 million according to later reports referencing the 2016 investment. Naspers and its spinoff Prosus continued involvement, investing a total of $121 million, with Prosus holding 13.98% equity by Udemy's IPO filing. Udemy later achieved significant growth, filing for Nasdaq IPO with $429.9 million revenue in 2020. |
| Jun 2015 | Series D | Stripes (lead); Norwest; Insight Partners | $65M | - | Udemy is an online education marketplace enabling anyone to learn or teach various subjects through over 30,000 courses created by 17,000 global instructors in 80 languages, with courses priced between $20 and $100 on average. The platform features 7 million users, popular classes like 'The Complete Web Developer Course' with over 111,000 students, and quality control driven by user reviews. In June 2015, Udemy raised $65 million in a Series D round led by Stripes Group, with participation from Norwest Venture Partners and Insight Venture Partners, bringing total funding to $113 million since 2010. Stripes' Ken Fox joined the board. Funding will support expansion of Udemy for Business, a corporate offering with enhanced features and analytics already used by 200 customers including Goldman Sachs for employee training via custom and marketplace courses. The company plans international growth in East and South Asia, Latin America, and Western Europe, where half of revenue originates and over two-thirds of users reside outside the US. Previous rounds included a $32 million Series C in May 2014 led by Norwest, with other backers like Lightbank, MHS Capital, Learn Capital, 500 Startups, and Signia Venture Partners. Udemy emphasizes democratizing education by allowing independent instructors to publish courses without institutional affiliation, responding quickly to market needs like Apple Watch app development courses post-launch. |
| May 2014 | Series C | Norwest (lead); MHS Capital; Insight Partners | $32M | - | Udemy, an online learning marketplace launched in 2010, raised $32 million in a Series C funding round on May 8, 2014, led by Norwest Venture Partners with participation from existing investors Insight Venture Partners and MHS Capital. This brought total funding to $48 million. The company operates as a skills-based platform where individual tutors create and sell courses, both paid and free, targeting lifelong learners globally. At the time, Udemy reported over three million students from more than 190 countries, with 60% of site traffic and 45% of paying customers from outside the U.S. It hosted 16,000 courses created by 8,000 instructors, with 1,000 new courses added monthly, available in 10 languages. Mobile consumption accounted for over 30% of content usage, and the average instructor earned $7,000 on the platform. Revenue grew more than 300% in the past 12 months, reflecting strong network effects and scaling. Proceeds were allocated primarily to hiring, including in the U.S. and a new overseas office, international expansion, developing mobile and web course creation tools, and improving course discovery features. Norwest's Sergio Monsalve joined the board, highlighting Udemy's capital efficiency compared to other edtech ventures and its mission to democratize skills-based education. The company aimed to broaden content availability across platforms like mobile and potentially TV. |
Who has invested in Udemy?
24 investors have backed Udemy across its funding rounds, including Insight Partners, Norwest, Mindrock Capital, Tencent, Learn Capital and 10X Capital.
Lead investors include Meros Equity Global Management, Tencent, Mindrock Capital, Benesse, Naspers and 2 other investors.
Udemy Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 2 | Lead | May 2014 | |
| San Francisco, CA | 2 | Lead | Mar 2020 | |
| New York City, NY | 2 | Participant | May 2014 | |
| San Francisco, CA | 1 | Participant | Nov 2020 | |
| United States | 1 | Lead | Nov 2020 | |
| Wilmington, DE | 1 | Participant | Oct 2020 | |
 Lausanne | 1 | Participant | Nov 2020 | |
| San Francisco, CA | 1 | Participant | May 2014 | |
 Nicosia | 1 | Participant | Jul 2021 | |
| Limassol | 1 | Participant | Nov 2020 | |
| New York City, NY | 1 | Participant | Mar 2020 | |
 Shenzhen | 1 | Lead | Nov 2020 | |
 Okayama | 1 | Lead | Feb 2020 | |
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Start Free TrialAcquisitions by Udemy
Udemy has acquired 4 companies to date.
Last acquisition by Udemy was on June 18th 2025. Udemy acquired Lummi for undisclosed valuation.
Latest Acquisitions by Udemy
| Description | - | Blush is a design resource platform offering over 50,000 royalty-free AI-generated illustrations created by independent artists. San Francisco-headquartered, it enables designers to customize vectors for websites, apps, and marketing materials through an intuitive editor. Partnerships with Figma and Sketch integrate Blush libraries directly into workflows, supporting teams at companies like Airbnb and Dropbox. | CorpU is a platform that integrates social media, web 2.0, cloud computing, and mobile technologies to create virtual learning communities. Headquartered in the US, it connects employees for problem-solving, idea generation, teaching, learning, and knowledge capture accessible anytime on any device. Used by organizations for corporate training and collaboration, it supports seamless remote interactions. | Sunnytrail Insight Labs, operating as Talentbuddy, is a Vancouver-based social intelligence platform analyzing public data from Twitter, LinkedIn, and Facebook to identify influential customers for e-commerce brands. The dashboard delivers customer profiles, engagement scores, and purchase monitoring alerts. Backed by Version One Ventures and BDC Capital, it equips retailers with outreach tools for support and advocacy campaigns. |
| HQ Country | | | |  |
| HQ City | - | Los Angeles, CA | Harrisburg, PA | Vancouver |
| Deal Date | 18 Jun 2025 | 18 Jun 2025 | 30 Aug 2021 | 18 Feb 2016 |
| Valuation | undisclosed | undisclosed | $29M | undisclosed |
| EV/Revenue | ||||
| EV/EBITDA | ||||
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Investments by Udemy
Udemy has invested in 2 companies to date.
Latest investment by Udemy was on October 12th 2022. Udemy invested in Bizverse in their $5M Seed round.
Latest Investments by Udemy
| Description | Bizverse is a virtual reality platform building metaverse spaces for business meetings, events, and collaborations. It supports 3D avatars, customizable venues, and integrations with video conferencing tools for remote teams worldwide. | Sanjieke is a Beijing-based online education platform serving IT professionals across China. It delivers specialized courses in software development, data science, product management, UI/UX design, and growth hacking. The platform connects learners with industry experts through live sessions, recorded videos, and practical projects tailored to tech career advancement. Sanjieke operates primarily via its website sanjieke.cn, focusing on the new economy skills demanded by internet and tech firms. |
| HQ Country |  | |
| HQ City | Singapore | Beijing |
| Deal Date | 12 Oct 2022 | 24 Nov 2021 |
| Round | Seed | Series C |
| Raised | $5M | $31M |
| Investors | Linkcube Ventures; Defi Asia Capital; Gotbit; Risemount Venture Capital; DTS Group; Amazon Web Services; Infocomm Media Development Authority; Meta; Depro Labs; Digital Technology Group; Personal Data Protection Commission | Owl Ventures |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
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Udemy Competitors
Udemy competitors include listed companies like East Buy, Stride, Youdao and Coursera, and private ones like Age of Learning and Outschool.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| China | Publicly listed | $850M | $98M | $3.4B | 2.8x | |
| United States | Publicly listed | $2.5B | $580M | $3.4B | 1.2x | |
| China | Publicly listed | $881M | $29M | $1.7B | 2.0x | |
| United States | Publicly listed | $758M | ($49M) | $1.4B | 0.3x | |
| Los Angeles, CA | Private | $100M | - | $3B | - | |
| San Francisco, CA | Private | $100M | - | $3B | 30.0x |
Udemy Public Comps
Udemy is no longer listed, but its public comps include McGraw Hill, COL Global, Alef Education, Youdao, East Buy, Stride, Coursera, Afya, American Public Education and Docebo.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $2.1B | $613M | 2.4x | 2.3x | 8.1x | 6.5x | |||
| $247M | ($78M) | 10.8x | 8.9x | (34.3x) | (2053.7x) | |||
| $210M | $150M | 8.2x | 7.8x | 11.5x | 11.1x | |||
| $881M | $29M | 2.1x | 2.0x | 63.1x | 33.8x | |||
| $850M | $98M | 3.0x | 2.8x | 26.3x | 22.4x | |||
| $2.5B | $580M | 1.2x | 1.2x | 5.1x | 4.8x | |||
| $758M | ($49M) | 0.5x | 0.3x | (7.7x) | 2.7x | |||
| $719M | $289M | 2.3x | 2.2x | 5.6x | 5.0x | |||
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Common questions about Udemy
| When was Udemy founded? | Udemy was founded in 2010. |
| Where is Udemy headquartered? | Udemy is headquartered in San Francisco, CA, United States. |
| Is Udemy publicly listed? | No, Udemy was acquired by Coursera in December 2025. |
| Who acquired Udemy? | Udemy was acquired by Coursera in December 2025. |
| How much was Udemy acquired for? | Udemy was acquired for $2.5B in December 2025, a 3.2x revenue multiple. |
| What is Udemy's valuation? | Udemy was last valued at $3.3B in its Series F in November 2020. |
| How much funding has Udemy raised? | Udemy has raised $261M across 6 funding rounds. |
| What was Udemy's last funding round? | Udemy's last funding round was a $4M seed round in July 2021. |
| Who are Udemy's investors? | Udemy's investors include Norwest, Mindrock Capital, Insight Partners, Learn Capital, Meros Equity Global Management, Thunder Future, Changer Club, MHS Capital, Vershina Capital, Winter Capital and 14 others. |
| Which companies are comparable to Udemy? | Companies comparable to Udemy include East Buy, Stride, Youdao, Coursera, Age of Learning and Outschool. |
| What was Udemy's market cap before the acquisition? | Udemy had a market cap of $690M in April 2026, its last month on record as a listed company, trading at 0.4x EV/Revenue. |
| What was Udemy's revenue as a public company? | Udemy's last reported twelve-month revenue was $794M (April 2026), with EBITDA of $97M. |
| How many companies has Udemy acquired? | Udemy has acquired 4 companies, including Lummi, Blush, CorpU and Sunnytrail Insight Labs (Talentbuddy). |
| What was the largest acquisition by Udemy? | The $29M acquisition of CorpU in August 2021 is the largest acquisition Udemy has made to date. |
| How many companies has Udemy invested in? | Udemy has invested in 2 companies, including Bizverse and Sanjieke. |
| What was Udemy's last investment? | In October 2022, Udemy invested in Bizverse's $5M seed round alongside Linkcube Ventures, Defi Asia Capital, Gotbit and 8 other investors. |
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