Funding round takes the company’s valuation to $3.75bn
General Atlantic led the Series A funding round of Articulate Global. (Credit: mohamed Hassan from Pixabay)
Articulate Global, a New York-based online training app developer, has raised $1.5bn in a Series A funding round led by growth equity firm General Atlantic.
The funding round, which is the company’s first source of institutional capital, has taken the company’s valuation to $3.75bn.
Funds managed by Blackstone Growth (BXG) and ICONIQ Growth also took part in the funding round.
General Atlantic co-president and technology investing global head Anton Levy said: “It’s rare that a company achieves the level of success Articulate has without any prior institutional backing.
“On key measures including industry leadership, transformative technology, customer NPS, employee happiness, and sustained growth, Articulate has established itself as a leader and innovator.”
The company plans to use the proceeds to further expediting its growth and scale around the world.
Founded in 2002 by Adam Schwartz, Articulate Global is a software as a service (SaaS) provider of online training tools and e-learning authoring apps.
The company caters to enterprise firms and also small-to-medium sized businesses. It has two offerings – Articulate 360 and Rise.com.
Articulate 360 is a suite of online course development apps and resources to cater to enterprises with learning management systems (LMSs). Rise.com, which was launched last year, is an all-in-one online training system for small and medium-sized businesses (SMBs) and departments in the enterprise.
The company is said to have over 106,000 customers spread over 161 countries. Its customers include CVS, Nestlé, and L’Oréal, and others who are said to have created millions of courses using the company’s online training apps.
Schwartz said: “Companies face a whole host of challenges training employees in remote and hybrid work environments and reskilling their workforces post-Covid.
“ They’re also under increasing pressure to build learning cultures that treat employees as whole humans, democratise learning creation and consumption, and reduce turnover through enhanced engagement.
“With these growth equity partners at our side, Articulate is well-positioned to be the one-stop shop for organisations transitioning from instructor-led training to the online training that is so critical in the new world of work.”