NEW YORK, Aug. 10, 2020– Skillshare the world’s largest online learning community for creativity raises $66 million in funding led by OMERS Growth Equity.
With more than 12 million registered members, 8,000 teachers, and over 30,000 video-based classes in a wide range of creative disciplines from graphic design to photography to painting and illustration to interior design, Skillshare has experienced a year of unprecedented growth.
Till date, Skillshare has raised $42 million in capital from Union Square Ventures, Amasia, Burda Principal Investments, and Spero Ventures, who all participated in this round.
Skillshare’s funding comes on the heels of a brand pivot in early 2020 to focus on the creative community. With roughly 75 percent of Americans participating in a creative hobby and an industry valued at $2.25 trillion, Skillshare focused its resources on meeting the creative needs of everyone whether for personal or professional purposes.
The new member sign-ups have tripled and existing members are watching three times the number of lessons since the company repositioned itself.
In response to a surge in international demand, the funding will primarily be used to create a localized experience for international students, while continuing to expand domestically, and grow Skillshare’s enterprise offering.
The funding will also create more opportunities for Skillshare’s teachers to earn more revenue.
In the wake of COVID-19, online learning is having a hallmark year, pushing the industry to grow into an anticipated $375 billion dollar marketplace by 2026. In the first half of 2020, Skillshare has focused on releasing quality new classes taught by industry experts, and testing new learning methods and video production processes. As a result, the average rate of engagement has more than doubled in most markets.