FutureLearn takes $65M from Seek Group for fifty% stake in UK online diploma platform
Edtech and recruitment retain to converge. London-based online degree platform, FutureLearn, is taking £50 million (~$sixty four.6M) from Australian-primarily based on-line task matching organization, Seek, in exchange for a 50 in keeping with cent stake within the commercial enterprise — just days after the same group led a large Series E in U.S. Online studying massive Coursera.
U.K. Distance learning veteran, the Open University — which had fully owned the FutureLearn platform up til now — keeps a 50 in step with cent stake inside the business following the Seek Group funding.
In a press launch pronouncing the information, FutureLearn said the funding values it at £100M ($129M) — a few six years after the initiative became first introduced, with the OU bringing collectively a consortium of U.K. Universities to assault the MOOCs/online learning area which turned into then being swiftly expanded through U.S. Edtech startups.
“Our partnership with Seek and the funding in FutureLearn will take our specific task to make education open for all into new components of the sector. Education improves lives, communities, and economies and is a surely worldwide product, without tariffs on thoughts,” said OU vice-chancellor Mary Kellett in an announcement on the investment.
The joint project will have “contractual preparations” to shield its instructional independence, teaching techniques and curriculum, the OU delivered — in an try to assuage concerns about an (overly) commercially minded takeover of its fledgling digital training platform.
The first FutureLearn publications released in fall 2013. Since then a cumulative total of 9 million+ people have signed as much as analyzing via its platform — which now gives around 2,000 courses in all.
This includes brief publications; postgraduate diplomas and certificates; all the manner up to fully on-line stages. (FutureLearn companions with six U.K. Universities on the total diploma publications at this level.)
FutureLearn also has partnerships with control consultancy company Accenture; the British Council; the Chartered Institute of Personnel and Development; learn-to-code foundation Raspberry Pi; and Health Education England (a part of the UK’s National Health Service); and is concerned in U.K. Authorities-backed initiatives to cope with talents gaps — including The Institute of Coding and the National Centre for Computing Education.
Last fall the Financial Times pronounced that the OU become looking for a £40M capital injection for FutureLearn to fund extra courses and higher compete with the size of U.S. Edtech giants — like Coursera and Lynda.Com.
It’s no longer clear how many greater courses FutureLearn plans to feature with its new partner on board; a spokesperson told us it is not able to provide a discern at this level.
For a bit comparative context, some 40M humans have taken online classes thru Coursera to this point — with that platform currently imparting some three,200 guides, and partnering with the likes of Columbia University, Johns Hopkins and the University of Michigan. While Coursera’s $103M in Series E reportedly valued its business at well over a $1BN, with Seek approaching board as a strategic investor.
The shared investor is an interesting but perhaps no longer unexpected improvement given the distinct markets involved, and the project of monetizing free-to-get entry to guides while not having huge scale — suggesting the Seek organization, which is already well set up throughout Australia, New Zealand, China, South East Asia, Brazil and Mexico — sees extra possibilities from strengthening local online getting to know platform performs, in Europe and the U.S., to grow the general on-line getting to know pipe and amplify adjoining go-advertising alternatives in employment/process matching.
Last week, while its strategic funding in Coursera become announced, the Seek organization talked effusively about how edtech systems allowing up-skilling and re-skilling are “aligned” with its employment-targeted business undertaking. (Or “our purpose of assisting people to live enjoyable running lives”, because it put it.)
The FutureLearn partnership affords Seek with gets entry to to any other pool of capacity process seekers — which includes actively engaged newcomers within the UK/Europe — to similarly grow the geographical reach of its recruitment platform.
Commenting at the funding in a statement, Seek co-founder and CEO Andrew Bassat stated: “Technology is growing the accessibility of satisfactory schooling and may help hundreds of thousands of people up-skill and re-ability to adapt to unexpectedly changing labor markets. We see FutureLearn as a key enabler for education at scale.”
“FutureLearn’s reputation is robust, and it has attracted leading schooling vendors onto its platform. We are excited to return on as an associate with The Open University,” he delivered.
FutureLearn’s CEO Simon Nelson stated the joint mission would allow the mastering platform to extend its global reach and impact.
“This funding lets in us to focus on developing extra high-quality publications and qualifications that each learner and employers will value,” he stated in an assertion. “This includes constructing a portfolio of micro-credentials and broadening our variety of bendy, completely on-line ranges and being able to beautify guide for our growing wide variety of worldwide partners to empower them to construct credible virtual strategies, and in doing so, remodel access to training.”