Online education platform Coursera plans for public listing as it reveals revenue surge due to Covid-19-related shift to remote learning
Online education company Coursera filed with US regulators for an initial stock offering, as it said revenue has surged during the Covid-19 pandemic.
Revenues rose 59 percent year-on-year to $293.5 million (£213m) during the year ended 31 December 2020, the company said in the filing.
The company’s net loss grew to $66.8m for the year, up from a $46.7m loss the previous year.
Coursera’s online education platform is used by more than 3,700 colleges and universities, according to the company.
During the pandemic it launched “Coursera for Campus” to allow educational organisations to offer classes remotely.
It has also added an enterprise arm offering professionally oriented courses.
In February Coursera said it had received B Corp. certification, indicating high standards for social and environmental performance. The company also converted to a public benefit corporation.
The company was founded in 2012 and investors include GSV Capital, which exclusively backs educational tech companies, and Kleiner Perkins.
It closed a $130m funding round in July, bringing its cash balance to more than $300m. The company’s current valuation is around $5bn, according to Bloomberg.
Coursera competes with firms including Udemy, which also reportedly has plans to go public.
Nerdy and Skillsoft, two other online education companies, have gone public in recent weeks through the use of Special Purpose Acquisition Companies (SPAC), also known as blank-cheque companies, bypassing the standard IPO route.
US online grocery delivery app Instacart, which is amongst the other firms that have seen revenues rise during the pandemic, is also reportedly considering going public through an alternative means – in its case, a direct listing.
Instacart is reportedly looking to avoid a possible undervaluation during the initial share sale process, as some recent listings have seen shares jump significantly in price on their first day of trading.