Based out of Oslo, Kahoot!, the global learning platform company has raised a gross amount of $28 million (approx €25 million) in new equity through a private placement of 7.5 million new shares.
The private placement also comprised 16.5 million existing shares and amounted to $90 million (approx €80 million) in total. To date, Kahoot! has raised over $110 million (approx €97.2 million).
Eilert Hanoa, CEO of Kahoot! Group, said: “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 private placement attracted very strong interest from high-quality institutional investors in Norway and internationally and was multiple times over-subscribed. Notably, both CEO Eilert Hanoa and Northzone Ventures, one of Kahoot!s largest shareholders, participated in the investment round.
Value-creating strategic expansion opportunities!
With this funding, the company is planning to accelerate the company’s growth and continue the expansion of its game-based learning platform to all segments, whether it be organisations, educational institutions, or families at home. The Norwegian company will also invest a part of its funding in R&D, product innovations, as well as expansion through value-creating strategic expansion opportunities.
Kahoot! was founded in 2012 by Morten Versvik, Johan Brand, and Jamie Brooker who, in a joint project with the Norwegian University of Science and Technology (NTNU), teamed up with Professor Alf Inge Wang, and were later joined by entrepreneur Åsmund Furuseth. The technology is based on research conducted by Kahoot! co-founder Morten Versvik for his Master’s degree at NTNU, who was a student of Professor Wang’s at the time
1.3 billion participating players in 200 countries!
Kahoot! is a game-based learning platform that makes it easy for any individual or corporation to create, share, and play learning games that drive compelling engagement.
Over the past 12 months, more than 218 million games have been played on the Kahoot! platform with 1.3 billion participating players in 200 countries. The company is headquartered in Norway with offices in the US, the UK, France, and Finland.
Eilert Hanoa, CEO, Kahoot!, said: “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.”
Main image credits: Kahoot!
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