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LearnUpon Closes $56 Million Growth Equity Investment from Summit Partners
Today I’m excited to announce that LearnUpon has closed a $56 million minority investment from global growth equity firm Summit Partners. This funding represents LearnUpon’s first major capital raise and will be used to drive the continued investment in our team and our platform as we progress on our journey of helping businesses worldwide unlock the power of learning.
When Des and I founded LearnUpon in 2012 we believed 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 now helps enterprises democratize learning by dramatically increasing adoption and engagement across their organizations.
Our 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.
At LearnUpon, we believe that every learning opportunity should be an experience that advances employee, partner and customer success, and our platform is purpose-built to help organizations of all sizes achieve this goal. We chose Summit Partners due to their previous experience of scaling SaaS businesses, as well as a number of dedicated growth-focused and technology resources that will help LearnUpon build on the momentum we have already established in the market. We are excited for the opportunities that this partnership will bring to our team, customers, and partners.
Fueled by product breadth and by a relentless dedication to customer success, we’ve grown LearnUpon’s annual recurring revenues by more than 50% YoY for each of the last 12 quarters. Serving more than 1,000 customers worldwide, including Booking.com, Twilio, USA Football, and Zendesk, we’re proud of our platform’s 5-star ratings across Capterra, G2Crowd, GetApp, and TrustRadius. We’re also steadily growing our team, with 180 employees currently across 4 offices, including more than 70 engineering and product development professionals. We anticipate adding another 100 engineers over the next 18 months to support continued product expansion.
As part of this investment, we’re delighted to welcome Antony Clavel, a Principal with Summit Partners, who will join LearnUpon’s Board of Directors. Speaking after the announcement, Antony shared this message with the LearnUpon team:
“In today’s knowledge economy, we believe corporate learning has become a key requirement for all organizations of scale – and the added challenge of remote working has only accelerated the importance of delivering learning digitally. With its modern, cloud-based learning management system, strong product development organization, 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.”
On this important milestone I would like to thank all of our customers, who have supported us on our journey over the last 8 years, particularly our early customers who took a chance on LearnUpon when we were just a small team. I would also like to thank our early investors and supporters in Enterprise Ireland, the NDRC, and our family, friends, and mentors.
Lastly, I would like to thank all the LearnUpon team based across the world – in Ireland, the US, Serbia, Canada, Australia, Spain and the UK – who have made the journey of building LearnUpon an amazing one for Des and I. The passion each Lupper [LearnUpon employees] shows for helping every single one of our customers achieve their learning goals is everything we could have hoped for and more. We look forward to having lots more fun working together over the coming years as we continue to build the world’s leading LMS.
CEO & Co-founder of LearnUpon
LearnUpon LMS is a powerful platform with a practical approach to learning. By combining industry-leading capabilities, unmatched ease of use, and unrivaled customer support, organizations can manage, track, and achieve their diverse learning goals—all through a single, powerful solution. Trusted by over 1,000 customers worldwide, LearnUpon is one of the fastest growing LMSs in the world. Founded in 2012, LearnUpon is headquartered in Dublin, with additional offices in Philadelphia, Sydney, and Belgrade.
About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $21 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 500 companies in technology, healthcare and other growth industries. Notable technology and software companies financed by Summit Partners include A Cloud Guru, Avast, Darktrace, FLEETCOR, HelpSystems, Immersive Labs, Infor, Jamf, RELEX Solutions, Smartsheet and Trintech. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, please see www.summitpartners.com or follow on LinkedIn.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11-12 Hanover Square, London, W1S 1JJ, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.