- Education start-up Instructure, a learning management system provider, raised $30 million in a series D financing round led by Bessemer Venture Partners and including EPIC Ventures, OpenView Partners and TomorrowVentures.
- Bessemer was chosen in part because of its IPO expertise, and Instructure CEO Josh Coates teased a public offering "in the next few years."
- The startup previously raised $20 million in venture financing, launched its Canvas Network service for creating and hosting online courses in October and has closed around $92 million in contracts with over 400 colleges, universities, K-12 schools and corporations in the last two years.
From the article:
... Instructure still captures just a small part of the total LMS market, but it’s starting to show that it can be a contender to more established industry players like Blackboard, Moodle and Desire2Learn. Coates said the new funding is intended to accelerate growth and product development and “throw gas on the fire.” ...