Rapid Growth and Innovation Attracts Top Tier Investors as D2L Closes Series B Financing Round
Desire2Learn Incorporated (D2L)—the EdTech company that created Brightspace, the world’s first truly integrated learning platform (ILP)—today announced that its parent company, D2L Inc., has closed an $85 million Series B financing round led by a large institutional asset manager with participation from Columbus Nova Technology Partners, Graham Holdings, Four Rivers Group, Aurion Capital and existing investors New Enterprise Associates and OMERS Ventures. Silicon Valley Bank also provided debt financing in this round. The investment brings the company’s total funds raised to $165 million.
The Series B funding arrives as D2L completed a year of record growth in the higher education, K-12 and corporate markets, along with significant international expansion. It also comes on the heels of the company’s recent FUSION conference, at which it announced the latest updates to Brightspace, D2L’s integrated learning platform, along with key partnerships with dozens of companies, including Microsoft and IBM.
“D2L is committed to helping clients address the biggest challenges facing education and workforce development. By developing solutions that improve learner achievement, increase retention rates and inspire greater engagement, we’re empowering our customers to help learners reach their full potential,” said John Baker, President and CEO, D2L. “This latest round of funding will help us scale faster globally, expand our services and continue to deliver solutions that personalize learning.”
D2L will use the investment to extend its position as a market leader. The company recently unveiled significant updates to its cloud-based integrated learning platform and launched several new technologies to improve education, including: a predictive modelling and data visualization engine to help instructors keep learners on track for success, an innovative adaptive learning engine to personalize learning paths, a new eTextbook platform with expanded publisher partnerships and a new game-based learning engine. This investment will help the company continue to develop technology that makes learning more perceptive and personalized, and will assist in global expansion.
“The education industry is undergoing a technology renaissance unlocked by cloud computing, digital content, mobile devices and big data analytics,” said Jon Sakoda, a partner with New Enterprise Associates. “We have seen tremendous adoption of D2L’s cloud-based learning platform in higher education, K-12 and the corporate sector. This round of funding should enable the company to further expand its global presence.”
“Technological innovation in the educational field represents one of the biggest opportunities unfolding around the globe. It has become a competitive necessity and is no longer an option. D2L continues to distinguish itself as the market leader in this important shift,” said John Ruffolo, CEO, OMERS Ventures.