Funding round
MasterClass Series C
MasterClass, which works in online education services in San Francisco, raised $35M in a Series C round announced on 28 Mar 2017, led by Institutional Venture Partners. 11 firms took part, 10 of them already investors, with 6 individual investors. It is MasterClass' fourth venture round on record; the one before was a Series B in Feb 2016.
$35M
Amount raised
Not disclosed
Post-money valuation
11
Investors
1 lead
Valuation
What this round says about the price
MasterClass did not disclose a valuation in this round. It came 13 months after MasterClass' Series B. It is 7.6% of the $461M MasterClass has raised in the venture rounds on record. MasterClass raised again 18 months later: a Series D round of $80M in Sep 2018. Its next priced round, a Series E in May 2020, valued it at $800M.
MasterClass' funding rounds
MasterClass has 7 venture rounds on record. This one is highlighted.
- Seed 1 Jan 2014, led by Harrison Metal $1.9M
- Series A 1 Jan 2015, led by Javelin Venture Partners $4.5M
- Series B 23 Feb 2016, led by New Enterprise Associates $15M
- Series C this round 28 Mar 2017, led by Institutional Venture Partners $35M
- Series D 1 Sep 2018, led by Institutional Venture Partners $80M
- Series E 20 May 2020, led by Fidelity Management & Research Company and Fidelity $100M$800M post-money
- Series F 13 May 2021, led by Fidelity Management & Research Company $225M$2.75B post-money
Investors
Who put money in
Institutional Venture Partners led the round with 10 other firms. Institutional Venture Partners, New Enterprise Associates, Javelin Venture Partners and Bloomberg Beta and 6 more had backed MasterClass before.
Lead investor
- Institutional Venture Partners backs 109 venture-backed companies existing investor
Also in the round
- GSV Acceleration new investor
- New Enterprise Associates backs 286 venture-backed companies existing investor
- backs 46 venture-backed companies existing investor
- Bloomberg Beta existing investor
- backs 28 venture-backed companies existing investor
- backs 20 venture-backed companies existing investor
- MX Investments existing investor
- B Capital backs 156 venture-backed companies existing investor
- BAM Elevate existing investor
- UTA Ventures existing investor
Individual investors: Sam Lessin, Sam Lessin, Sam Lessin, Sam Lessin, Sam Lessin and Sam Lessin. Joined the board: Eric Liaw (IVP) and Roseanne Wincek (IVP).
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Scaling operations
- Working capital
Comparable rounds
How it compares
The closest in time: 2 in Learning, Tutoring & Courses, then Series C rounds in any sector within 6 months:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Zuoyebang Learning, Tutoring & Courses | 14 Aug 2017 | $150M | not disclosed | HCapital |
| Learning, Tutoring & Courses | 14 Feb 2018 | $50M | not disclosed | Learn Capital |
| Device Manufacturing | 9 Mar 2017 | $89M | not disclosed | Technology Crossover Ventures |
| DataRobot Tech Companies | 23 Mar 2017 | $54M | not disclosed | New Enterprise Associates |
| Medical Supply Manufacturers | 16 Mar 2017 | $50M | not disclosed | Advent Life Sciences and Future Fund |
| Toss Business Payment Processing & Point of Sale | 9 Mar 2017 | $48M | not disclosed | Goodwater Capital |
| Farmers Business Network Farms & Agriculture Production | 7 Mar 2017 | $40M | not disclosed | GV and DBL Partners |
| Monzo Banks & ATMs | 29 Mar 2017 | $27M | $133M | not named |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did MasterClass raise in its Series C round?
MasterClass raised $35M in its Series C round, announced in Mar 2017.
Who led MasterClass' Series C round?
Institutional Venture Partners led it, with GSV Acceleration, New Enterprise Associates, Javelin Venture Partners, Bloomberg Beta and Advancit Capital and 5 more.
What was MasterClass' valuation at the Series C round?
It was not disclosed.
Did MasterClass raise again after this round?
Yes: a Series D round in Sep 2018 of $80M.