Kahoot! an Oslo-based edtech company focusing on making learning awesome, has raised a gross amount of $28 million in new equity through a private placement of 7.5 million new shares.
According to its press release, the private placement also comprised 16.5 million existing shares and amounted to $90 million in total. It attracted very strong interest from high-quality institutional investors in Norway and internationally and was multiple times oversubscribed, the release added. Kahoot!’s CEO Eilert Hanoa and Northzone Ventures, one of Kahoot!s largest shareholders, were said to have participated in the investment round.
Kahoot! is a game-based learning platform that makes it easy for any individual or corporation to create, discover, play and share fun learning games in minutes – for any subject, in any language, on any device, and for all ages. It is one of the world’s fastest-growing learning brands with millions of monthly active users in over 200 countries.
Based on its mission of making learning awesome, Kahoot! delivers engaging and fun learning to over one billion players at school, at work, and at home. Its game-based platform and easy-to-use features not only attract educators and students but beyond the classroom to corporate powerhouses, sporting and cultural events. It makes e-learning, training, and presentations engaging. Kahoot! allows users to create and host games in a live session, or assign self-paced games for remote training.
Speaking about the company, the funding and how it will help them, Eilert Hanoa, CEO, Kahoot!, said in a statement,
“2020 has been an extraordinary year for Kahoot! as we have developed and launched new key initiatives helping all our users to make learning more awesome and we continue to build one of the largest learning communities in the world. We also added a record number of users and paid subscribers for our offerings in 2020 and we are thrilled to have secured additional capital to help fuel the next phase of Kahoot!’s growth, allowing us to further invest in product innovation, as well as consider new strategic partnerships and acquisitions to further strengthen our platform.”
The company plans to use the fresh capital to accelerate its continued growth and expansion to all segments – schools, organizations and families at home. It also plans to invest further in research and development, product innovations, as well as expansion through new strategic partnerships and acquisitions to strengthen its platform.
Kahoot! claimed more than 218 million games have been played on its platform over the past 12 months, with more than a billion participating players in over 200 countries. The company also claimed 87% of global top 500 universities and 97% of Fortune companies use its platform.
With its headquarters in Norway and offices in the US, the UK, France and Finland, Kahoot! currently has 19 million active accounts and 260,000 paid subscriptions, including teachers and professionals, on its platform. The company is said to have raised a total of over $110 million to date.