2U (formerly 2tor Inc.) is an educational technology company that partners with leading nonprofit colleges and universities to offer online degree programs. The company supplies its partner universities with a cloud-based software-as-a-service platform coupled with a suite of technology-enabled services, including coursework design, infrastructural support and capital to deliver instruction to students. 2U was founded in 2008 by John Katzman (founder of The Princeton Review). Co-founders include Chip Paucek (former CEO of Hooked on Phonics) and Jeremy Johnson; Paucek remains with the company as CEO.
In May 2012, Forbes named 2U as one of the "10 Start-Ups Changing the World." In 2014, Inc. Magazine named 2U one of "10 Tech Companies Helping Humanity."
The company went public on March 28, 2014, and raised $119 million by offering 9.2 million shares at $13 per share. 2U is traded on NASDAQ under the ticker symbol TWOU.
Prior to its IPO, the company was venture-backed and raised $96 million. Investors included Bessemer Venture Partners, Highland Capital Partners, Redpoint Ventures, Novak Biddle Venture Partners, City Light Capital, SVB Capital and WestRiver Capital.In September 2017, It was reported that, Rani Hammond joined 2U as Chief People Officer.
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Business Model
2U does not confer or offer any degrees. It provides its university partners with cloud-based software-as-a-service solutions to create online degree programs that feature live video classes, as well as a e learning platform that allows for close interaction between students and professors. The approach also includes a focus on student outcomes with small class sizes, career services, and field placements. This approach has led to a student retention rate of 84 percent. Students pay standard tuition, but instead of going to class once a week, they meet in a live video chat room with the professor and the other students. 2U signs long-term contracts, averaging between 10-15 years in length, with each of its partner universities. Contracts include a revenue sharing agreement between 2U and the school. Course content is also enhanced for mobile devices.
2U's "Semester Online" consortium of undergraduate universities included: Boston College, Brandeis University, Emory University, Northwestern, The University of Melbourne, Trinity College of Dublin, University of North Carolina at Chapel Hill, University of Notre Dame, Wake Forest University, and Washington University in St. Louis. The consortium was initially marketed as a platform for top-tier universities to offer online courses to paying students at participating universities. The company announced in April 2014 that Semester Online would end in the summer of 2014.
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Source of the article : Wikipedia
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