Oslo-based edtech company Kahoot! has completed a private placement of 7.5 million shares with a group of US and Europe-based institutional investors, raising about $28 million in new equity.
The private placement also included 16.5 million existing shares, thus amounting to $90 million in total, and the company is currently valued at roughly $1.5 billion. To date, Kahoot! has raised over $110 million.
Kahoot! CEO Eilert Hanoa and Northzone Ventures, one of its big backers, both participated in the investment round, which is meant to bolster the expansion of its game-based learning platform from global organisations to educational institutions and families at home (particularly in these times).
Also in the plans, investing in future M&A transactions 'in the areas of business, education and at home learning', according to a company spokesperson.
Thanks partly due to the coronavirus pandemic, Kahoot! clocked more than a billion participating players from over 200 countries in the last 12 months. Since its launch, it's welcomed more than 4 billion participating players to its platform.
The company currently has 19 million active accounts and 260,000 paid subscriptions, including teachers and professionals.
Hanoa says: "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. 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."
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