Training platform Grovo nabs $15 mln Series B

New York City-based professional and digital training platform Grovo has raised $15 million in Series B funding. The investors were previous backers Accel Partners, Costanoa Venture Capital, Greg Waldorf and SoftTech VC.

PRESS RELEASE

New York, NY – February 18, 2015 –Grovo, the world’s quickest and simplest training platform for digital and professional skills, today announced that it has closed $15 million in Series B financing from existing investors Accel Partners, Costanoa Venture Capital, Greg Waldorf and SoftTech VC. Grovo has seen exponential month-over-month growth in its revenues and will use the capital to drive additional customer acquisition and expand its product to provide the most effective learning experience for the 21st century workforce.

”Since day one, Grovo’s platform has helped businesses and educational institutions change the face of training by empowering people to learn through more engaging digital content and materials,” said Sameer Gandhi, Partner at Accel Partners and member of Grovo’s Board of Directors. “Utilizing digital tools is the future of training because it offers more relevant methods that better resonate with today’s digital workforce.”

Grovo’s training platform services large enterprises, small businesses and educational institutions to train employees on the essential digital skills needed in the workplace. Over the past year, Grovo has deployed its platform with Arizona State University, Chevron, DDB Worldwide, Equinox, Pernod Ricard, MediaMath, Saatchi & Saatchi LA, TracFone Wireless, and other organizations.

Grovo has also focused on scaling the company to build sustainable internal growth. Its award-winning company culture has helped grow the company from 25 employees at the start of 2014 to more than 100 employees today.

Grovo’s training platform empowers professionals to quickly acquire the digital skills they need to succeed at work. Employing a unique methodology that combines microlearning and holistic learning, the platform delivers digestible, bite-sized instructional video lessons. The 60- to 90-second lessons use a combination of live action, animation and screenshots, as well as embedded quizzes, so that learners can efficiently understand, retain and deploy the skills they need. Produced in-house at Grovo, the engaging videos comprise an extensive library of 5,000 videos across 150 professional skills and are available on-demand through the web.

“It’s our mission to help businesses and professionals address the widening digital skills gap — the gap between the skills today’s workers need and the reality of the skills they actually have,” said Jeff Fernandez, Grovo CEO and Cofounder. “As today’s workforce struggles to keep up with advancing technology, this skills gap is costing the U.S. economy $1.3 trillion in lost productivity every year. With this funding, we will continue to enhance worker productivity one person, one organization at a time.”

Grovo bases its training content on its proprietary digital competency model, which defines the eight skills and behaviors the digital workforce needs to be successful. This includes digital communication, attention management, and online privacy and security. Using this model, Grovo works with every incoming learner to identify specific skills gaps and provide a personalized professional development roadmap.

About Grovo
Grovo is the quickest, simplest way for organizations to train their teams. The cloud-based platform features an easy-to-use interface to create, deliver and track training, as well as a customizable library of 5,000 highly effective, one-minute video lessons covering Internet tools, digital applications, and professional topics. Grovo provides a science-backed microlearning methodology to teach the critical skills for today’s fast-moving world. The venture-backed learning technology company is based in New York City and serves Fortune 500 companies, businesses and universities in 190 countries.

Grovo recently won Internet Week’s inaugural award for the Best Place to Work in the New York City Tech Industry.

To learn more about Grovo, visit www.grovo.com. To learn more about the digital skills gap bleeding $1.3 trillion from U.S. productivity each year, read the Grovo white paper, “How the Digital Skills Gap is Killing Productivity and What You Can Do About It”here: http://www.grovo.com/mkto/digital-skills-gap

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