Online education provider Coursera Inc on Friday filed for a stock market listing with U.S. regulators, revealing a surge in revenue from a boost to business due to the disruption caused by the COVID-19 pandemic.
Revenue rose 59% to $293.5 million for the year ended Dec. 31, 2020, the company said in a filing. (bit.ly/3kQRGBz)
According to the company’s website, Coursera offers machine learning, cloud computing and language learning courses, and its platform has been used by more than 3,700 universities and universities.
In response to the pandemic, the organization launched the “Campus Kusala University” campaign to help educational institutions provide courses to students stranded at home.
Online learning platforms also benefited as retrenched employees took online courses to rotate into new careers.
Mountain View, California-based Coursera was founded in 2012 and its investors include venture capital firm GSV Capital and Kleiner Perkins.
The company raised $130 million in funding in July, bringing its cash balance to more than $300 million.
Other online learning portals such as Nerdy Inc and Skillsoft chose to go public through deals with blank-check firms as well.
Coursera’s net loss widened to $66.8 million for the year ended Dec. 31, from a $46.7 million loss a year earlier.
Morgan Stanley, Goldman Sachs and Citigroup are all underwriters of the educational technology company’s products.