Global growth equity firm Summit Partners has made a $56 million minority investment into LearnUpon, a cloud-based learning management system (LMS) company based in Dublin.
The funding is LearnUpon’s first major capital raise, which it stated will be used to increase headcount, support product development, and meet growing customer demand.
LearnUpon was founded in 2012 and claims it helps businesses get more out of corporate learning because its LMS enables the delivery of high-quality learning experiences to multiple audiences, from a single, intuitive, integrated platform.
Brendan Noud, co-founder and chief executive of LearnUpon, said: “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.
“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.”
Antony Clavel, a principal with Summit Partners who is joining the LearnUpon board, added: “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.
“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.”
Summit Partners is headquartered in Boston.
Date published: 21 October 2020