Financial Briefs, June 19, 2020

June 19, 2020 | Volume 51, Number 13

Noodle Partners (New York), a builder of online and hybrid programs, in June announced its Series B funding round of $16 million led by ValueAct Spring Fund, followed by the Lumina Foundation and existing investors. With prior rounds, the company has now raised more than $60 million. Noodle Partners uses technology to raise student:faculty engagement, lower costs and ultimately boost resilience. With this latest round of capital, Noodle Partners will help more universities and colleges transform both their online and classroom programs. 

Chegg (Santa Clara, CA) in June said its board of directors authorized the repurchase of up to $500 million of Chegg’s common stock and/or convertible notes, through open market purchases, block trades and/or in privately negotiated transactions. The repurchase program may extend over a period of about 18 eighteen months, ending on Dec. 31, 2021. Chegg currently expects to fund the repurchase program from its existing cash balance and future cash flows from operations.

Upskilling platform, Degreed (Pleasanton, CA) in June said it has received $32 million in new funding led by Owl Ventures. The new funding brings Degreed’s total funding to $182 million. The majority of the new funding will go to increase innovation around its new Career Mobility product that connects learning and skills to clear career development. The company said it has seen record demand for Degreed in the last six months. More than one-in-seven Degreed users activated their accounts between April and May this year. New clients have looked to empower remote work and talent mobility.

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