Pluralsight Raises $135 Million in Series B Funding Led by Insight Venture Partners
Investment Will Be Used to Fuel Exponential Growth and Continue Pluralsight’s Expansion Into New Content Areas ICONIQ Capital and Sorenson Capital also Participate in Funding Round
SALT LAKE CITY – Pluralsight, a global leader in online training for technology professionals, announced today it has closed $135 million in Series B funding, bringing the company’s total funding to nearly $165 million to date. This minority round was led by current Pluralsight investor Insight Venture Partners, with additional participation from ICONIQ Capital and Sorenson Capital.
The investment marks one of Utah’s largest private rounds to date and will be used to support the company’s continuous rapid growth, accelerate its fast-growing enterprise customer base, and assist with the expansion into new content categories. The funding will also bring an enhanced learning experience, as well as a tidal wave of new courses, instructors and users to Pluralsight.
“Pluralsight is at an inflection point and this funding will exponentially fuel our growth in the enterprise space, providing businesses with innovations in interactivity and measurable learning outcomes,” said Aaron Skonnard, CEO of Pluralsight. “We couldn’t have selected a better group of strategic partners to invest in the company’s vision, giving us even deeper financial market expertise, access to some of the most influential players in Silicon Valley and a broader reach throughout the entire tech community.”
Pluralsight plays in the booming e-learning industry, which Global Industry Analysts (GIA) projects to be a $107 billion market in 2015. Disrupting traditional learning methods such as book and in-person training, the company has experienced triple-digit growth for the past four consecutive years and shows no indications of slowing.
Founded in 2004, Pluralsight pursued an organic, profitable growth path for nearly a decade before emerging from strategic stealth by raising $27.5 million from Insight Venture Partners in January 2013. Pluralsight used the investment to rapidly expand their library to more than 3,000 courses—making Pluralsight the world’s largest curated e-learning library for technology and creative professionals, academic institutions and businesses of all sizes.
This evolutionary expansion has been further amplified through four acquisitions of online learning companies in the past year including PeepCode, Tekpub, TrainSignal and Digital-Tutors, with a total transactional value in excess of $70 million. Combined, these strategic acquisitions took the company’s training platform beyond software development into open source, IT administration and creative skills learning.
“Pluralsight has completely disrupted the traditional corporate and classroom training model with its online learning solution,” said Ryan Hinkle of Insight Partners. “We are thrilled to support such an innovative and passionate organization. Similar to Salman Khan’s One World Schoolhouse for students, Pluralsight has created a One World Schoolhouse for professionals across the globe looking to fine tune their skills and advance their careers.”