Tech firm announces $8.5m series A capital raise
Tue 12 June 2018 - 3:43 pmEntrepreneur | News | Small Business | Tech
Australian education technology company, OpenLearning, has reached a massive milestone. The company recently completed an $8.5M series A capital raise, valuing the company at $33.5M, and bringing its total funding to $13.7M since it launched five years ago.
Led by two public listed Malaysian companies, Prestariang Berhad, Malaysia’s technology and talent platform innovator, and Paramount Corporation Berhad, a top tier education and property company, and backed by a number of Australian investors, including its chairman, Clive Mayhew, Robin and Susan Yandle, Telstra’s Muru-D, former CEO of Zip Industries, Michael Lee, and local angel investors.
CEO, Adam Brimo, said the capital raise was testament to OpenLearning’s proven track record and validates the OpenLearning platform’s ability to improve student learning outcomes, increase student engagement, attract off-campus students and generate new revenue for universities and vocational colleges.
“This funding will enable OpenLearning to solidify its position in Australia and Malaysia, and launch new products and services for our 1.3 million students, 38 university partners and 36 vocational education providers, while we look to expand into more countries in Southeast Asia,” said Brimo.
OpenLearning provides higher education institutions with a full-service solution that includes its social learning platform, expertise in designing online courses and a global marketplace for attracting new students.
“I would like to personally thank our entire team and our early investors for their hard work, passion and dedication to building an innovative learning platform and an impact-driven company that is solving the fundamental challenges in higher education: access and quality. We’re honoured to have the support of visionary Australian and Malaysian investors who understand the opportunity for education technology in the region,” said Brimo.
As Australia’s third largest export, international students contribute about $28 billion to the Australian economy each year.
OpenLearning’s chairman, Clive Mayhew, welcomed the new investors .
“It’s so pleasing to see Australian based technology companies expanding overseas both operationally and through its investor base. OpenLearning has always been a global provider, by adding overseas investors contributes to this global focus and positions us well for the next level of growth,” said Mayhew.