Lanham, Md–based edtech company 2U announced plans this week to raise about $300 million through a public stock offering.
To be precise, the company is offering 3,333,334 shares of its common stock at a price to the public of $90.00 per share. The offering, which comes four years after the company debuted on public markets, runs through Friday.
2U partners with colleges and universities to offer online degree programs. The new funding will be used for marketing, technology and content development for new and existing programming, according to a statement. It also hints at “strategic acquisition of, or investment in, complementary products, technologies, solutions or businesses.”
Along with the move to raise funding, 2U also hired a Chief Operating Officer.
Mark Chernis will transition from a nine-year-stint on the company’s board into the day-to-day executive role.
“As one of the founding board members of 2U, I’ve had the great privilege to watch [CEO] Chip [Paucek] and the 2U leadership team build one of the most innovative and successful companies in the education industry,” Chernis said in a statement. “Now, it is with great enthusiasm that I look forward to becoming an executive of 2U and working alongside them to drive continued growth and great student outcomes.”
Chernis previously worked with education giant Pearson, which he joined in 2011 following the acquisition of instructional management software company SchoolNet, where he served in the role of president and COO. He also previously worked with the Princeton Review.
Concluding the news released so far this week, the company also dropped a music video:
Each year in preparation for @2Uinc’s annual company meeting, we produce a top-secret inspirational music video. This one is particularly special. Here's why: https://t.co/yXzNqfF6sR #NoBackRow
— Chip Paucek (@chippaucek) May 24, 2018
Before you go...
Please consider supporting Technical.ly to keep our independent journalism strong. Unlike most business-focused media outlets, we don’t have a paywall. Instead, we count on your personal and organizational support.
3 ways to support our work:- Contribute to the Journalism Fund. Charitable giving ensures our information remains free and accessible for residents to discover workforce programs and entrepreneurship pathways. This includes philanthropic grants and individual tax-deductible donations from readers like you.
- Use our Preferred Partners. Our directory of vetted providers offers high-quality recommendations for services our readers need, and each referral supports our journalism.
- Use our services. If you need entrepreneurs and tech leaders to buy your services, are seeking technologists to hire or want more professionals to know about your ecosystem, Technical.ly has the biggest and most engaged audience in the mid-Atlantic. We help companies tell their stories and answer big questions to meet and serve our community.
Join our growing Slack community
Join 5,000 tech professionals and entrepreneurs in our community Slack today!