Desire2Learn, an online education platform provider has recently seen the largest VC investment from any Canadian Software Company by raising a $80 million from its first outside investment.
This series A round of funding has been led by New Enterprise Associates (NEA) and OMERS Ventures. Desire2 Learn, an online education startup is based in Waterloo, Ontario. Also this is one of the largest investments by the global venture capital firm NEA.
Having closed on its $2.6 fund in July, the venture capital firm NEA declares that a $1 trillion is being spent on K-12 and other higher education globally. According to John Sakoda and Ravi Vishwanath from NEA, Desire2Learn “is at the forefront of this shift with its leading software-as-a-service (SaaS) learning platform.”(as reported by TechCrunch)
Founded by John Baker way back in 1999,the Canadian based startup today has grown into a global provider of online educational platforms with over 700 clients, more than 560 employees and 8 million learners using its tools. However it also faces competitors like Blackboard Inc and Moodle.
Though specialized in Cloud based teaching tools, the company had been bootstrapped and according to John Baker being bootstrapped was more comfortable since he wanted to build an enduring company. The company now plans to use these funds in building their staff and efforts in marketing. The company now plans to bolster its cloud infrastructure and customer service, apart from supporting global growth and accelerating the development of its education technologies.
"The need for quality education has never been stronger than right now," says John Baker.As reported by Vator.TV.
According to John Sakoda, “Desire2Learn is uniquely suited to meet the needs of the largest educational institutions in the world. ”
“As the $1 trillion-plus education market shifts from older legacy products to best-of-breed cloud solutions,” Sakoda said, “Desire2Learn is the clear market leader.”As venturebeat.com reports.
Apart from its specialization in cloud based learning, the company also offers other services like mobile centric education experience, digital content discovery and distribution, learning analytics and open API integration. The company also plans to use these funds to address new markets, grow its cloud infrastructure according to the growing needs of its customers, provide innovative products for schools and maintain its position as an independent business that is client centric and focused on innovation.