Here’s what CEO Jake Schwartz had to say about the news, including the addition of a new board member:
Today we are announcing a new round of funding for General Assembly, representing over $70 million in capital from a group of leading investors. Our new investors are Advance Publications and Wellington Capital Management LLP, and our existing investors followed on with great support, including IVP, Learn Capital, Maveron, Rethink Education, WTI and more. We’re especially excited to welcome Steve Newhouse to our board. He shares our commitment to building for the long-term, and putting quality and community above all else.
The company took the opportunity to tout its growth this year, which is pretty impressive:
In 2015 alone, we will enroll over 14,000 students in our 3-month programs, and will end the year with over 25,000 alumni as part of our worldwide network. This is a tiny fraction of the individuals that we can reach. And less widely known is our effort to help larger institutions evolve to meet the changing economy—we’ve trained more than 15,000 executives and employees in person and online and we’ve collaborated with more than 5,000 companies that have helped to influence curriculum, provide real-world experiences to students, and hire our graduates.
This round brings General Assembly’s total funding to $119.5 million. Schwartz declined to disclose the valuation of the company, but told the WSJ that this is “the last round we ever need to take before we are a fully self-sustaining company.”