Three years ago everyone was talking about Coursera, which had begun partnering with some of the world’s most elite colleges to offer free courses. There was overheated hype, as pundits speculated that it could be a magic bullet to bring down college costs. And there were tough questions, as people wondered what the goal was for partner colleges, and how the Silicon Valley company could make enough revenue on free courses to survive.
Today the MOOC hype has dissipated, but the company’s leaders say Coursera has found a way to make money, and that partner colleges have found a clear reason to participate. Those answers, the company announced on Tuesday, were enough to convince investors to give a fresh infusion of $60 million in venture-capital funds.