The Covid-19 pandemic has led to an increase in online learning that has increased the revenue of education technology company Coursera.
Coursera
Education tech company Coursera submitted its IPO forecast to the Securities and Exchange Commission Friday, and plans to list the New York Stock Exchange under the symbol “COUR.”
California-based company Mountain View offers individuals access to online courses and degrees from major universities, an industry that thrived through the Covid-19 pandemic.
Coursera has made the CNBC Disruptor 50 list many times and is recently ranked 4th on the 2020 list.
The nine-year-old company posted about $ 293 million in revenue for the fiscal year ended Dec. 31 – a 59% growth rate from 2019, according to the leak. Net loss expanded by about $ 20 million year over year, reaching $ 66.8 million in 2020.
“Our revenue increased significantly due to an increase in the number of registrations during the Covid-19 pandemic,” the company’s IPO forecast said. “Similarly, we have seen a significant increase in our operating costs associated with our services, largely driven by our freemium offers and marketing efforts. How the pandemic affected remote working and learning more widely online, it is uncertain what the impact of reducing Covid. -19 epidemic disease could be on our operational results. “
The company said it has installed more than 12,000 new degree students over the two years to December 31, 2020 at an average construction cost of under $ 2,000.
Total registered users grew 65% year over year in 2020.
According to PitchBook data, Coursera was recently valued at $ 2.5 billion.
The company was started by former Stanford University computer science professors Daphne Koller and Andrew Ng. By the time Coursera was founded in 2012, both had spent enough time in higher education to realize that change was overdue and that online learning was a good way forward.
As of December 31, 2020, more than 150 universities were offering up to 4,000 courses through Coursera, which includes more than two dozen degree programs at prices that are lower than many personal school offers. A bachelor’s or master’s degree completed through Coursera can cost between $ 9,000 and $ 45,000, depending on the guide.
Through the pandemic, Coursera has also partnered with more than 330 government agencies across 70 U.S. states and 30 U.S. states and cities as part of the Coursera Worker Recovery Initiative, which helps governments offer unemployed employees free access to thousands of courses for business, technology and data. science skills from companies including Amazon and Google.
It also offers a wide variety of educational qualifications and professional skills courses that range in price from as low as $ 9.99 to $ 99.
“While the impact of the Covid-19 pandemic has been ongoing, widespread, and growing, it has accelerated the need for education to be delivered online. Both individuals and institutions have relied on, and continue to rely on, online learning to drive change and turmoil, ”the company’s IPO forecast says.
The number of shares and price range for the proposed offer have not yet been confirmed. Morgan Stanley, Goldman Sachs and Citigroup are listed as the main subscribers.