Salt Lake City based Instructure has had a big month. Last week the California Community Colleges Online Education Initiative announced it was awarding a statewide course management contract to the learning management system provider.
A 55-member selection committee participated in the RFP review that utilized an extensive scoring rubric. “I think we have laid the groundwork for an amazing implementation that will profoundly enhance not only online classes but every course taught in the California Community Colleges,” committee chairman Joe Perret said.
Instructure’s Canvas learning management system is used by over 1,000 schools and colleges. Canvas is probably the fastest growing learning platform in HigherEd. The North Carolina Department of Public Instruction recently selected Canvas as its learning management system. The contract covers all local education agencies and charter schools in North Carolina.
The other big news from Instructure is a $40 million funding round led by Insight Venture Partners along with existing investor EPIC Ventures. The new round brings Instructure’s total venture backing to about $90 million.
The third big story from the Salt Lake EdTech growth company is that the new round of funding will be used expand into corporate training and development with Bridge, a cloud platform for corporate learning and employee engagement.
See the press release below or read it on Instructure.com for more information.
Instructure Secures $40 Million in a Pre-IPO Series E Round
Company will use new funding to expand into adjacent enterprise market with Bridge, a learning and engagement platform
SALT LAKE CITY (February 19, 2015) – Instructure, a software-as-a-service (SaaS) company that created the Canvas learning management system, today announced it has raised $40 million in a Series E round of funding. The pre-IPO investment is led by Insight Venture Partners with Bessemer Venture Partners and EPIC Ventures participating. The investment will finance the launch of Bridge, a cloud-based corporate learning and engagement platform that signals Instructure’s expansion into the learning segment of the enterprise market.
The investment brings Instructure’s total venture backing to approximately $90 million. Current investors include Bessemer Venture Partners, EPIC Ventures, Insight Ventures and OpenView Venture Partners. The funding will help the company continue to invest in the higher education and K-12 markets with its flagship product, Canvas, while expanding to help enterprises assess and improve employee engagement through Bridge. Foundation partners include CLEARLINK, OpenTable and Oregon State University.
“This funding allows us to continue to innovate in education while simultaneously expanding to the learning portion of human capital management market,” said Josh Coates, CEO at Instructure. “We believe Bridge makes it easier for businesses to improve employee engagement and learning, just as Canvas made it easier for educators to improve teaching and learning.”
Since its formal launch in 2011, the Canvas LMS has attracted 18 million students and teachers from more than 1,200 universities, colleges and K-12 school districts. Bridge, which Instructure launched in response to the increasing dissatisfaction in the marketplace with existing corporate learning and engagement systems, will help organizations and businesses assess employee sentiment, build knowledge and align employee and organizational goals.
“Education is no longer confined to academic classrooms, and we’re excited to partner with a leading technology company like Instructure to help respond to a corporate business need and expand its market footprint,” said Ryan Hinkle, managing director at Insight Venture Partners. “Instructure has already achieved a leadership position in cloud-based learning software for education, and the next logical step is to broaden its scope to providing learning technology to other markets.”
Instructure, Inc. is the software-as-a-service (SaaS) technology company that makes smart software that makes people smarter. Its cloud-based Canvas learning management system (LMS) now connects more than 18 million teachers and learners at over 1,200 higher ed and K-12 institutions throughout the world. Because learning doesn’t end after graduation, Instructure also offers Bridge, the modern learning and engagement platform that enables organizations of every kind to engage with employees by measuring and improving employee sentiment, alignment, and knowledge in real time. Learn more about Canvas at www.CanvasLMS.com and Bridge at www.GetBridge.com.
About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $8 billion and invested in more than 200 companies worldwide. Its mission is to find, fund and work successfully with visionary executives providing them with practical, hands-on growth expertise to foster long-term success. For more information on Insight and all of its investments, visit www.insightpartners.com or follow us on twitter: @insightpartners.com.
For more on Instructure, check out:
- How Learning Will Work in the Near Future: 12 Features of Next-Gen Platforms
- Canvas by Instructure: The Perfect LMS? Quite Possibly
Instructure is a Getting Smart Advocacy Partner.