SAN FRANCISCO (Reuters) - Online learning company Lynda.com has won $103 million in new funding from venture capital firm Accel Partners and equity investor Spectrum Equity, the company said on Wednesday.
The cash infusion, which marks the company’s first outside funding, will allow the company to expand internationally, add new content areas, and improve its Web and video platforms, said Eric Robison, the firm’s Chief Executive Officer.
Founded in 1995, Lynda.com offers online training and instruction videos. Unlike rivals such as Khan Academy, it charges a subscription fees for its content, starting at $25 per month.
Clients include schools, universities, more than half of the Fortune 100 companies, and various U.S. government agencies, Lynda.com said in a press release.
Education companies have recently become a hot investment, with textbook rental services like Chegg and classroom online networks such as Edmodo receiving funding.
Meritech Capital Partners, which like Accel also backed Facebook (FB.O), also participated in Lynda.com’s funding round.
Reporting By Sarah McBride; Editing by Daniel Magnowski