MasterClass raises USD225m in Series F funding round
MasterClass, a streaming platform that makes it possible for anyone to 'learn from the best', has raised USD225 million in a Series F funding round, led by Fidelity Management & Research Company and with participation from new investors including Baillie Gifford, Balyasny Asset Management and Eldridge together with existing investors IVP, Javelin, NEA and Owl Ventures.
The Series F financing follows a USD100 million Series E round that MasterClass closed a year ago, bringing its total funding to date to more than USD475 million. The latest capital will further advance the company's strategic initiatives including:
Increased content production: Over the last two years, fuelled by rapid growth, MasterClass has increased its content portfolio by more than 90 per cent. The additional funding will support even greater breadth and depth of content in new and existing categories and formats.
This year, MasterClass will launch in new international markets, make its full portfolio of classes available in more languages and introduce new international talent to the instructor lineup.
New audiences will experience MasterClass through an enterprise offering that will be officially launched later this year in response to strong demand from both SMBs and large corporations.
MasterClass continues to build out its c-suite and has increased its workforce by more than 100 per cent since 2019. The company currently has over 380 employees and plans to expand its workforce to more than 500 in 2021, including opening up an office in eastern Canada this year.
"Over the past several years we have seen a surge in subscriber growth as people are driven to fulfil their desire for lifelong learning outside of the confines of traditional education – MasterClass enables that, with our incredible roster of instructors, cinematic production capabilities and singular focus on restoring the joy of learning," says David Rogier, founder and CEO of MasterClass. "We are grateful to our investors for their support and this new funding, which will enable us to enhance our global offering for subscribers and capture the meaningful market opportunity we see."
"As an early investor in MasterClass, we continue to be impressed by the company's track record of continuous innovation and rapid growth, all while remaining focused on fiscal responsibility and sustainability," says Rick Yang, General Partner and Head of Consumer Investing at NEA. "MasterClass has a diverse content portfolio that provides unprecedented access to world class instructors, positioning it uniquely within the streaming sector and driving strong customer loyalty. We are thrilled to continue to partner with this category-defining company as it unlocks new opportunities in this pivotal next phase of growth and success."
Additional new and existing investors in MasterClass's Series F include 01 Advisors, Atomico, Bonnier, Cleo Capital, Dan Capital, NewView Capital, NextEquity Partners, Outlier Ventures, Powerhouse Capital, RPS Ventures, Family Office of Ronald Lauder and UTA.