LearnUpon closes USD56m growth equity investment from Summit Partners
LearnUpon, a leading cloud-based Learning Management System (LMS), has secured USD56 million minority investment from global growth equity firm Summit Partners.
This funding represents LearnUpon’s first major capital raise and will be used to fuel hiring, support continued execution of the company’s product roadmap and meet accelerating customer demand.
LearnUpon was founded in 2012 on the belief that a learning management system should be intuitive for users, quick and seamless to set up, and delivered with industry-leading customer support. Combining powerful functionality with unparalleled ease of use for both learners and administrators, LearnUpon helps enterprises democratise learning by dramatically increasing adoption and engagement across the organisation. The company’s powerful LMS helps businesses get more out of corporate learning with a scalable solution built to deliver high-quality learning experiences to multiple audiences – all from a single, intuitive, integrated platform. LearnUpon is designed to enable more efficient delivery, tracking, measurement and certification across numerous learning use-cases, including employee development, customer onboarding, partner education and compliance training, all of which have traditionally been managed across disparate systems.
“We believe every learning opportunity should be an experience that advances employee, partner and customer success, and LearnUpon is purpose-built to help organisations of all sizes achieve this goal,” says Brendan Noud, CEO and co-founder of LearnUpon. “Summit brings deep experience scaling SaaS businesses, as well as a number of dedicated growth-focused and technology resources that we believe will help LearnUpon build on the momentum we have established in the market. We are excited for the opportunities that this partnership will bring to our team, customers and partners.”
Fuelled by product breadth and by a relentless dedication to customer success, LearnUpon has grown annual recurring revenues by more than 50 per cent YoY for each of the last 12 quarters. Serving more than 1,000 customers worldwide, including Booking.com, Twilio, USA Football and Zendesk, LearnUpon is proud of its five-star ratings across Capterra, G2Crowd, GetApp and TrustRadius. The company employs a steadily growing team of 180 across four offices, including more than 70 engineering and product development professionals. LearnUpon anticipates adding more than 100 engineers over the next 18 months to support continued product expansion.
“In today’s knowledge economy, we believe corporate learning has become a key requirement for all organisations of scale – and the added challenge of remote working has only accelerated the importance of delivering learning digitally,” says Antony Clavel, a Principal with Summit Partners who will be joining the LearnUpon Board of Directors. “With its modern, cloud-based learning management system, strong product development organisation, demonstrated dedication to customer success and capital efficient go-to-market model, we believe LearnUpon is strongly positioned to serve this growing and increasingly critical market need. We are thrilled to support Brendan and the LearnUpon team in this next phase of growth.”