- Global learning platform company Kahoot! announced it has raised a gross amount of $28 million in new equity through a private placement of 7.5 million new shares
Global learning platform company Kahoot! announced it has raised a gross amount of $28 million in new equity through a private placement of 7.5 million new shares. And the private placement also comprised 16.5 million existing shares and amounted to $90 million in total.
This transaction took place through an accelerated bookbuilding process managed by ABG Sundal Collier ASA, Arctic Securities AS, and Goldman Sachs International as joint bookrunners after the close of market on June 10, 2020.
The private placement received very strong interest from institutional investors in Norway and internationally and was multiple times over-subscribed. And both CEO Eilert Hanoa and Northzone Ventures, one of Kahoot!’s largest shareholders, participated in the investment round.
The funding will help fuel further growth in the company and continue expansion of its game-based learning platform to all segments — whether it is organizations, educational institutions or families at home. And Kahoot! also plans to invest further in research and development, product innovations, as well as expansion through value-creating strategic expansion opportunities.
Kahoot!’s game-based learning platform for schools, organizations, and families make it easy to create, share, and play fun learning games in minutes. Over the past year, Kahoot! had over a billion participating players in over 200 countries. More than 50% of K-12 students and teachers use Kahoot! during the school year. And in addition, 87% of global top 500 universities and 97% of Fortune 500 companies use Kahoot!
Kahoot! Has been seeing strong momentum and accelerated adoption as organizations are seeking engaging, trustworthy, and user-friendly ways to build culture, educate, and interact. And in its latest mid-year update, Kahoot! shared that the company had 19 million active accounts and 260,000 paid subscriptions, including many teachers and professionals. Through the funds raised, Kahoot! is going to continue to deliver on the momentum and come closer to achieving its goal to become the leading learning platform in the world.
“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,” said Kahoot! CEO Eilert Hanoa. “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.”
Including this funding round, Kahoot! has raised over $110 million.