We are thrilled to announce that, as of February 2020, we have completed our Series A funding round! We want to give thanks to the guidance and leadership of Equity Venture Partners and Clinton Capital Partners. The round was closed at a valuation of 4.4M, which will allow us to accelerate our expansion initiatives.
Within a few years, we’ve grown from a modest customer base into a diverse portfolio of progressive teams spanning the globe including Typeform, Platform, Cleanly, Hopper, UMKC, and Userlane.
We’ve already seen a positive response to our presence in the US since the fall of 2017. This funding will drive our efforts to increase our footprint in states and continue to deliver a great online training experience.
Why We Started Coassemble
When he began his career in developing applications for online training, our founder, Jude Novak, saw a need for the market to transform. “I’d just come from developing websites, games, and apps where everyone was pushing the boundaries of what could be done—I was intent on using this experience to drive the decisions in my new role developing eLearning.” Jude said, recognizing the value of enjoyable content to drive learner engagement.
After hiring an amazing team of developers, Jude spent 2 years building out more than an LMS or an authoring tool, but a platform that could do both seamlessly—thus, Coassemble came to be. Our platform significantly bridged the gap created by traditional online learning methods. We did a great deal to build this experience by:
- Creating templates that represented the effectiveness of microlearning.
- Enable your teams to learn and share knowledge without friction.
- Utilizing HTML so learners could work anywhere.
- Offering the ability to create and deliver content within any workspace.
- Track and measure your team’s knowledge.
We knew this platform would benefit learners across the globe, so in March of 2016 we released Coassemble to the market to great success—we obtained nearly 300 customers in a short time and knew the opportunity to expand was upon us.
To be the platform that allows organizations to thrive through knowledge sharing, we wanted to make Coassemble accessible to more teams across the globe.
The Growth Potential Of The Online Training Market In The US
Jude isn’t the only one that saw the growth potential for online learning. eLearning has been marked as one of the most rapidly growing markets in the world by Forbes—the industry is expected to reach a value of 325billion by 2025 according to Contributor, TJ McCue.
eLearning is fastly becoming the standard method for knowledge sharing globally—both in business and academia. Cloud-based storage coupled with greater accessibility allows for content to be created, delivered, and updated in a fraction of the time physical methods take. Learners are also more engaged, increasing the likelihood they retain and benefit from the knowledge shared.
Why we feel Coassemble is prime for leading this shift is our all-in-one LMS and authoring tool that rebels against the status quo. We have also pioneered the idea of putting the learner at the focus of content development.
Though it might seem obvious, the biggest challenge in creating an effective LMS platform delivery is thinking about the learner experience. We felt so strongly about the matter that we literally wrote a book on the learner-first training model.
Series A Funding To Accelerate Expansion To US Market
Our CEO, Ryan Macpherson, knew Coassemble needed to increase the velocity of our growth—raising the capital required to take the business to its next phase was a critical step. We were introduced to Clinton Capital Partners through a fellow Sydney growth company. Clinton Capital ensured we were ready for the Series A by providing guidance, advice, and access to their strong network of potential investors.
“Many Australian companies aspire to grow internationally. Coassemble has proven that with the right product and team, aspirations can be achieved,” said Randolf Clinton, principal at Clinton Capital Partners. “The team’s expertise, their passion to simplify online learning, and their strong product vision will lead Coassemble into significant global traction.”
By September of 2019, Equity Ventures Partners became the clear choice to work with as a strategic lead investor. A like-minded firm, they compliment Coassemble’s effort to revolutionize the eLearning space.
As leaders of the venture capital space, EVP has proven time and again that they are the guiding force needed to help push Coassemble into the US market. In addition to their experience, Justin Lipman, Investment Director at EVP will also be joining the Coassemble board.
Justin was excited for the opportunity, stating that “Coassemble has built an exceptional product borne out of two decades of industry experience that drives significant value to their customer base of mid-market and technology companies.”
Ryan was equally ardent for the alliance, already seeing the potential for Coassemble’s future. “We have always been passionate about making online training accessible to any team, with the user at the heart of everything we do,” began Ryan. “This funding round will help us execute our vision at an accelerated rate. The expertise, perspective and relationships of Equity Venture Partners will help propel Coassemble towards becoming a market-leading go-to online training platform.”
Validation To Provide A Larger Market With A Powerful LMS Tool
We’re not here to compete with eLearning giants like Canvas or Blackboard—they have their markets to worry about. Our goal is to help the infinite amount of businesses growing with teams that need better knowledge sharing systems.
For the past few years, we’ve led the shift needed to evolve the online training space. Our mission is to democratize knowledge sharing and make it accessible to teams that want to learn seamlessly and effectively while having some fun.
We’re leading the revolution of online training technology—this funding accelerates our progress, helps us offer a better experience, and reach more teams that would benefit from our tool.
How Series A Funding Will Be Used To Grow Coassemble
We’ve been in the US since 2017 and already have built a flourishing customer base. We even set up in the states to begin our initial market testing.
To expand our reach meant having a dedicated, centralized presence in the US market. With this funding, Coassemble intends to accelerate the team growth and footprint on US soil. Establishing a HQ in Denver, CO, the US side of the company will focus on growing the customer base in the states while staying true to our Aussie attitude.
We’re in an excellent position to scale our sales and marketing activities dramatically—our team has already grown from 19 to 24 since early 2019. This will result in a sharp acceleration, both in customer acquisition and recurring revenue. We’ll also have a stronger presence with SaaS company teams in the B2B space that are interested in optimizing their team growth.
Coassemble was born from two decades of experience from our team. This funding will also allow us to expand our product team, optimizing our updates and feature releases. Our development teams will also be able to deliver an even better experience for all users, dramatically increasing our offering to them.
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