It isn’t too often that you hear of a tech company (or any company for that matter) turning down outside funding, but for a long time Kitchener-based Desire2Learn Inc. did just that. Citing the need to be on the same page with any outside funding partners as well as the desire to build something transcendent and enduring, it seems as if the e-learning company has finally found some kindred spirits.
Led by OMERS Ventures and featuring U.S. based New Enterprise Associates, the $80M round, one of the largest in Canadian history, seems to have been worth the wait. OMERS Ventures, who have been everywhere lately (TQ was on it), bring a significant amount of experience with enterprise software companies to the table, something that is sure to serve Desire well.
The cloud based e-learning platform has grown tremendously over the past few years bagging major clientele that includes the likes of the Ontario Ministry of Education, New York City Department of Education as well as several post secondary institutions in North America and abroad. The company’s 700 clients also include government bodies, health care organizations and businesses that have moulded the platform to meet their diverse learning needs.
The company currently employs 560 people, 233 of which were hired this year alone. Along with strength in numbers, Desire2Learn has plans to expand their workspace, adding 22,000 square feet in Kitchener along with another 15,000 square foot facility that is set to open Toronto before the end of this year.
According to CEO and President John Baker, the $80M will be put towards research and development in order to better serve its clients as well as fortifying presences that exist in international offices located in Singapore,London and Australia. The company’s goal remains the same regardless of funding – building a great company that changes the way people learn.
SOURCE: Globe and Mail
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