Desire2Learn Incorporated (D2L), the EdTech company that created Brightspace, the world’s first truly integrated learning platform (ILP), has announced that its parent company, D2L Inc., has closed an $85 million Series B round led by a large institutional asset manager with participation from Columbus Nova Technology Partners, Graham Holdings, Four Rivers Group, Aurion Capital and existing investors New Enterprise Associates and OMERS Ventures. Silicon Valley Bank also provided debt financing in this round, raising the company’s total funds to $165 million.
With this investment round, the firm plans to expand its market leader position. It has recently unveiled significant updates to its cloud-based integrated learning platform and launched several new technologies to improve education, including a predictive modelling and data visualization engine to help instructors keep learners on track for success, an innovative adaptive learning engine to personalized learning paths, a new eTextbook platform with expanded publisher partnerships and a new game-based learning engine.
D2L works with thought-leading organizations to improve learning through data-driven technology that helps deliver a personalized experience to every learner, regardless of geography or ability. Its open and extensible platform is used by more than 1,100 clients and 15 million learners in higher education, K-12, healthcare, government, and the enterprise sector, including Fortune 1000 companies. It operates in the United States, Canada, Europe, Australia, Brazil, and Singapore. The D2L family of companies includes Desire2Learn Incorporated, D2L Ltd, Desire2Learn Australia Pty Ltd, D2L Europe Ltd, Desire2Learn Singapore Pte Ltd, and D2L Brasil Soluções de Tecnologia para Educação Ltda.
Speaking on the fundraising, John Baker, President and CEO of D2L, said:
D2L is committed to helping clients address the biggest challenges facing education and workforce development. By developing solutions that improve learner achievement, increase retention rates and inspire greater engagement, we’re empowering our customers to help learners reach their full potential. This latest round of funding will help us scale faster globally, expand our services and continue to deliver solutions that personalized learning.
The latest financing comes as the company completed a year of record growth in the higher education, K-12 and corporate markets, along with significant international expansion.
Jon Sakoda, a partner with New Enterprise Associates, stated:
The education industry is undergoing a technology renaissance unlocked by cloud computing, digital content, mobile devices and big data analytics. We have seen tremendous adoption of D2L’s cloud-based learning platform in higher education, K-12 and the corporate sector. This round of funding should enable the company to expand its global presence further.
This funding will help D2L continue to develop technology and enable the firm to further its commitment to making learning more perceptive and personalized. This focus on personalized learning is at the core of its mission and will continue to guide future development, ensuring that its solutions always meet the unique needs of every learner.
