Billing itself as, “the shopify for online courses,” Cyprus-based LearnWorlds has seen the demand for its offering skyrocket overnight. Building on a 3x growth rate, the firm has raised $32 million via Insight Partners. The funding is slated to be used to accelerate the company’s product roadmap, as well as foster customer success efforts.
Founded in 2014 by George Palaigeorgiou, Fanis Despotakis, and Panos Siozos, the trio aren’t shy about admitting that they come from a strong academic background but had little go-to-market experience, stating that, “the business initially took some time to take off.”
Through bootstrapping and organic growth LearnWorlds garnered the $1.2 million attention of investors Marathon Venture Capital less than two years ago, and now counts over 4,400 customers in more than 120 countries around the globe, with 40% arriving from the US. LearnWorlds reports users from a wide range of verticals including solo “edupreneurs”, SMBs, corporate sellers of online educational courses, and startups and corporations that provide online training.
“We set out to create the best and most accessible course creation platform for educators who are as passionate about teaching as we are. We democratized direct-to-consumer e-learning, by making it possible for everyone to launch their own Lynda, Masterclass or Coursera, out of their own living rooms, and to profit from their skills and content,” commented CEO Panos Siozos.
As part of the funding, Insight managing partner Nikitas Koutoupes, and principal Boris Treskunov will join the board at LearnWorlds.
“Over the last year, we have seen technology and online education platforms reshape the future of learning as individuals look to develop additional competencies and companies intend to re-skill their employees,” commented Koutoupes. “LearnWorlds represents the ideal cloud-based learning management system to create premium, interactive and branded learning experiences that quantifiably impact learning outcomes. “
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