Education firm Eruditus closes Series D round, led by Leeds Illuminate and Prosus Ventures

PROFESSIONAL education startup Eruditus has closed its Series D funding round totalling US$113 million including secondary sales.

The round was led by growth equity firm Leeds Illuminate and technology investor Prosus Ventures, with participation from Chan Zuckerberg Initiative and existing investors Sequoia India and Ved Capital.

Eruditus said it will use the new funds to increase its engagement with existing and new partner universities to deepen its operations in emerging markets, and invest in creating courses to meet the skills required of the global workforce in a post-pandemic world.

The startup offers professional education courses for working professionals who cannot enrol in full-time courses. It has partnered more than 30 universities to date, including Harvard University, University of Cambridge, Columbia University, Massachusetts Institute of Technology, Dartmouth College, National University of Singapore and The Hong Kong University of Science and Technology.

Many of its courses are offered and facilitated in multiple languages, including Spanish, Portuguese and Mandarin. Eruditus said it has launched more than 100 courses and serves students from over 80 countries.

Eruditus co-founder and chief executive Ashwin Damera said the Covid-19 outbreak is dramatically accelerating change across higher education.

"We are engaging more deeply with universities worldwide to help them expand their online portfolio and global footprint," he added.

Ashutosh Sharma, head of investments for India, Prosus Ventures, said: "The value of the teachings of the great institutions has been rationed to those who can physically and monetarily access their facilities. Eruditus unlocks those assets and enables those institutions to help a whole new cohort of learners around the globe."

Vivian Wu, managing partner, ventures, Chan Zuckerberg Initiative, added that the Initiative was excited to support growing partnerships between US universities and those in India, China and Latin America.

She added that Eruditus serves as a "critical" partner for top universities as they expand online course offerings in response to workforce needs and market demand.