Coassemble, a company democratizing online training for global brands, has announced a $4.4M Series A funding round led by Equity Venture Partners (EVP) and advised by Clinton Capital Partners. Bootstrapped for a large portion of its corporate lifecycle, this round brings the total funding raised by Coassemble to $6.6M.
Coassemble will use the funding to grow its product development, sales and marketing teams, with a focus on scaling its U.S. headquarters in Denver, Colorado.
Coassemble replaces the traditional instruction manual-based training approach with easily customizable micro-learning modules. Team leads in IT, customer support, sales, marketing and HR can administer and track progress on both new-employee programs and continuing development modules.
The online training provider has emerged as one of the growing number of technology companies to emerge out of Australia, has become an early leader in a market expected to grow to $113.8B globally by 2022, according to research by Technavio. The company is focused on making online training affordable for teams of all sizes, and is priced accordingly to democratize the market.
“We have always been passionate about making online training accessible to all kinds of teams, with the user at the heart of everything we do,” said Coassemble CEO Ryan Macpherson. “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 training platform.”
Why has Coassemble attracted this funding?
Coassemble is modernizing online training to support rapid growth in mid-market and tech companies. The platform’s learner-first design has won it a 99% user retention rate since inception. In the past year alone, Coassemble has doubled its year-over-year monthly recurring revenue (MRR) and doubled its customer base.
“Coassemble has built an exceptional product borne out of two decades of industry experience,” said Justin Lipman, investment director at EVP, who will also be joining the Coassemble board of directors.
“Internal knowledge share and corporate learning represents
a significant and growing global market opportunity and Coassemble is at the
forefront of innovation in this space. We’re privileged to be able to lead the
capital raise and are looking forward to working alongside the team as they
continue to deliver their solution globally.”
“Many Australian companies aspire to grow internationally. Coassemble has proven that with the right product and team, aspirations can be delivered,” 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.”