Viking Venture and Creandum invests in It’s learning
Press release Viking Venture:
Viking Venture invests in It´s learning
It’s learning AS is a world’s leading IT supplier focused on the educational sector and has more than 2 million users on its plattform. It’s learning was founded in 1999. The company has more than 100 million kroner in annual turnover, approximately 100 employees and is market leader in Norway and several other countries. The company is headquartered in Bergen, Norway with offices in London, Birmingham, Amsterdam, Paris, Malmoe, St Petersburg and Boston. It’s Learning received the 2009 DnB Nor Innovation Award and the Bergen Community Entrepreneurial Price for 2007.
- We want to continue our international expansion and become the best and largest supplier of e-learning platforms. Therefore we have decided to increase our equity base with 45 million Norwegian kroner. Last year Holberg fondene and Sparebanken Vest became owners and now we expand our capital base with Viking Venture and Creandum. Together with these active owners we want to strengthen our position both in Norway and internationally, comments Arne Bergby, CEO of It’s learning.
- Viking Venture is impressed by the strong position It’s learning has achieved in the Nordic countries, UK and the Netherlands. The company has a large untapped potential in new markets. As an active investor, we want to contribute to grow the company to one of the best and largest e-learning companies in the world. Based on a strong revenue and profit development, a considerable future potential, an attractive business model and a well-known brand name, we consider a future IPO a realistic way forward for the company, adds Harald Jeremiassen, partner at Viking Venture.
- It’s Learning has a fantastic product that really supports the student’s learning process. Paired with an intuitive user interface this enable It’s Learning’s customers to reach very high levels of user adoption. We are very impressed by the people at It’s Learning and look forward to jointly continue to build a leading international Learning Management System provider, continues Daniel Blomquist, Principal at Creandum
About Viking Venture
Viking Venture is one of the leading technology focused venture funds in Norway with 200 million USD under management in four funds. The funds investment focus are companies within electronics, software, oil & gas, materials and clean technology. Viking Venture is an active owner and several of its portfolio companies have been established as international successes. The fund is located in Norway.
About Creandum
Creandum is a venture capital firm investing in innovative and fast-growing Nordic technology companies. The firm has €120 million under management and 15 portfolio companies across the Nordic region. All investment professionals at Creandum have started companies or been part of successful startups. For more information, please visit www.creandum.com