Pluralsight receives $27.5 million in funding from Insight Venture Partners Online educator for hardcore developers to continue rapid growth
LAYTON, Utah, Jan. 3, 2013 /PRNewswire/ -- Pluralsight, a leader in online education for software developers, announced today that it has received a $27.5 million investment from Insight Venture Partners to accelerate its already rapid expansion.
The financing marks the first outside investment in Pluralsight, which was founded in 2004 as a classroom-based training company, designed for developers by developers. In 2008, Pluralsight began a major pivot to move its training business completely online, with the goal of providing the same professional content through a flexible subscription model priced for worldwide scale. Today, Pluralsight has more than 200,000 users in more than 100 countries and offers more than 400 online courses, with 15-20 new releases per month. Pluralsight offers anytime, anywhere access to its entire library for as little as $29 a month.
"This investment is a big leap in Pluralsight's journey," said Aaron Skonnard, CEO and co-founder of Pluralsight. "So far, we have had great success in building a profitable and sustainable business with our own funds. With this deal, we get both the financial and intellectual capital of Insight Venture Partners to really accelerate our growth at what we believe to be a critical time in the market."
Skonnard said the investment will lead to more quality content for customers. Pluralsight intends to use the funds to speed up the expansion of its course library to provide more breadth and depth in topic areas of interest to software developers around the world. Already, he said, none of its peers can match the quality, timeliness and relevance of Pluralsight's course library.
Pluralsight has attracted a world-renowned team of authors who deliver the most advanced and effective educational experiences available today. These authors are experts in their respective fields – they also write popular books, articles, and blogs, and speak at leading industry events around the world. These experts choose to work with Pluralsight because they can derive attractive royalty streams from their published courses that far outperform the traditional book industry today.
"It's no secret that online education is becoming a mainstream learning and training method," said Ryan Hinkle, a partner at Insight Venture Partners. "Pluralsight has carved a big niche by appealing to software developers, an audience ideally suited to online learning. We believe the opportunities for developers will continue to expand exponentially and Pluralsight is positioned to take advantage of that. Insight sees great prospects for this business."
Insight will have two board seats on Pluralsight's seven-member board of directors.
Pluralsight is a global leader in high-quality online training for hardcore developers. The revolutionary Pluralsight training library provides developers everywhere with instant access to a rich collection of online training courses delivered by world-renowned industry authorities. Pluralsight provides flexible and cost-effective subscription plans for individuals and businesses starting from as little as $29 a month. See what you can learn at pluralsight.com and join the @pluralsight community on Twitter.
About Insight Venture Partners
Insight Venture Partners is a leading venture capital and private equity firm investing in on-premise and SaaS-based software, eCommerce, internet and data-services companies. Founded in 1995, Insight has raised more than $5 billion and made more than 150 investments worldwide. Our mission is to find, fund and work successfully with visionary executives who are driving change in their industries. We provide founders with practical, hands-on growth expertise to foster long-term success. For more information, visit insightpartners.com
SOURCE Insight Venture Partners