SAN FRANCISCO — MasterClass, the streaming platform with classes taught by top experts and celebrities, has raised $225 million in Series F funding, led by mutual fund giant Fidelity Management & Research Company and with participation from new investors including Baillie Gifford, Balyasny Asset Management and Eldridge along with existing investors IVP, Javelin, NEA and Owl Ventures.
The Series F financing follows a $100 million Series E round that MasterClass closed a year ago, bringing its total funding to date to more than $475 million. The latest capital will further advance the company’s strategic initiatives including:
- Increased content production: Over the last two years, fueled by rapid growth, MasterClass has increased its content portfolio by more than 90%. The additional funding will support even greater breadth and depth of content in new and existing categories and formats.
- International expansion: This year, MasterClass will launch in new international markets, make its full portfolio of classes available in more languages and introduce new international talent to the instructor lineup.
- Launch of new Enterprise business: New audiences will experience MasterClass through an enterprise offering that will be officially launched later this year in response to strong demand from both SMBs and large corporations.
- Continued growth of workforce: MasterClass continues to build out its c-suite and has increased its workforce by more than 100% since 2019. The company currently has over 380 employees and plans to expand its workforce to more than 500 in 2021, including opening up an office in eastern Canada this year.
“Over the past several years we have seen a surge in subscriber growth as people are driven to fulfill their desire for lifelong learning outside of the confines of traditional education — MasterClass enables that, with our incredible roster of instructors, cinematic production capabilities and singular focus on restoring the joy of learning,” said David Rogier, founder and CEO of MasterClass. “We are grateful to our investors for their support and this new funding, which will enable us to enhance our global offering for subscribers and capture the meaningful market opportunity we see.”
Launched in 2015, MasterClass is a streaming platform where anyone can learn from the world’s best. With an annual membership that costs $180, subscribers get unlimited access to 100+ instructors and classes across a wide range of subjects, including Arts & Entertainment, Business, Design & Style, Sports & Gaming, Writing and more.
“As an early investor in MasterClass, we continue to be impressed by the company’s track record of continuous innovation and rapid growth, all while remaining focused on fiscal responsibility and sustainability,” said Rick Yang, General Partner and Head of Consumer Investing at NEA. “MasterClass has a diverse content portfolio that provides unprecedented access to world class instructors, positioning it uniquely within the streaming sector and driving strong customer loyalty. We are thrilled to continue to partner with this category-defining company as it unlocks new opportunities in this pivotal next phase of growth and success.”
Additional new and existing investors in MasterClass’s Series F include 01 Advisors, Atomico, Bonnier, Cleo Capital, Dan Capital, NewView Capital, NextEquity Partners, Outlier Ventures, Powerhouse Capital, RPS Ventures, Family Office of Ronald Lauder and UTA.