Summit Partners has invested $56 million in LearnUpon. Headquartered in Dublin, LearnUpon is a cloud-based learning management system.
DUBLIN, IRELAND and LONDON, UK (October 20, 2020) – LearnUpon, a leading cloud-based Learning Management System (LMS), today announced a $56 million minority investment from global growth equity firm Summit Partners. This funding represents LearnUpon’s first major capital raise and will be used to fuel hiring, support continued execution of the company’s product roadmap and meet accelerating customer demand.
LearnUpon was founded in 2012 on the belief that a learning management system should be intuitive for users, quick and seamless to set up, and delivered with industry-leading customer support. Combining powerful functionality with unparalleled ease of use for both learners and administrators, LearnUpon helps enterprises democratize learning by dramatically increasing adoption and engagement across the organization. The company’s powerful LMS helps businesses get more out of corporate learning with a scalable solution built to deliver high-quality learning experiences to multiple audiences – all from a single, intuitive, integrated platform. LearnUpon is designed to enable more efficient delivery, tracking, measurement and certification across numerous learning use-cases, including employee development, customer onboarding, partner education and compliance training, all of which have traditionally been managed across disparate systems.
“We believe every learning opportunity should be an experience that advances employee, partner and customer success, and LearnUpon is purpose-built to help organizations of all sizes achieve this goal,” says Brendan Noud, CEO and co-founder of LearnUpon. “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. We are excited for the opportunities that this partnership will bring to our team, customers and partners.”
Fueled by product breadth and by a relentless dedication to customer success, LearnUpon has grown annual recurring revenues by more than 50% YoY for each of the last 12 quarters. Serving more than 1,000 customers worldwide, including Booking.com, Twilio, USA Football and Zendesk, LearnUpon is proud of its 5-star ratings across Capterra, G2Crowd, GetApp and TrustRadius. The company employs a steadily growing team of 180 across four offices, including more than 70 engineering and product development professionals. LearnUpon anticipates adding more than 100 engineers over the next 18 months to support continued product expansion.
“In today’s knowledge economy, we believe corporate learning has become a key requirement for all organizations of scale – and the added challenge of remote working has only accelerated the importance of delivering learning digitally,” said Antony Clavel, a Principal with Summit Partners who will be joining the LearnUpon Board of Directors. “With its modern, cloud-based learning management system, strong product development organization, 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. We are thrilled to support Brendan and the LearnUpon team in this next phase of growth.”
LearnUpon LMS is a powerful platform with a practical approach to learning. By combining industry-leading capabilities, unmatched ease of use, and unrivaled customer support, organizations can manage, track, and achieve their diverse learning goals—all through a single, powerful solution. Trusted by over 1,000 customers worldwide, LearnUpon is one of the fastest growing LMSs in the world. Founded in 2012, LearnUpon is headquartered in Dublin, with additional offices in Philadelphia, Sydney, and Belgrade.
About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $21 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 500 companies in technology, healthcare and other growth industries. Notable technology and software companies financed by Summit Partners include A Cloud Guru, Avast, Darktrace, FLEETCOR, HelpSystems, Immersive Labs, Infor, Jamf, RELEX Solutions, Smartsheet and Trintech. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, please see www.summitpartners.com or follow on LinkedIn.