Education content hub for on-demand training and resources, Go1 raises $200 Mn in Series D funding and is now valued at more than $1 Bn. With the latest round of funding the L&D focused company plans to continue and create new partnerships, expand product offerings, and grow its physical presence globally to support the more than 3.5 million learners at more than 1,600 customer organizations worldwide.
While the funding round was led by new investor SoftBank Vision Fund 2*, it also saw the participation of AirTree Ventures and Salesforce Ventures, with additional investors Blue Cloud Ventures, Larsen Ventures, Scott Shleifer and John Curtius from Tiger Global, and TEN13.
Previous investors also contributed to the round, including M12 – Microsoft’s venture fund – Madrona Venture Group, SEEK, and Y Combinator.
To date, Go1 has raised more than $280 Mn total inclusive of previous rounds.
“The support and funding that Go1 has received in its lifetime have been monumental to the company’s growth thus far,” said Andrew Barnes, Go1’s CEO. “However, this is just the beginning. Expanding in the US will allow Go1 to better engage, communicate and support customers and partners, especially as they consider a new hybrid work model."
Barnes shared that the latest round of funding will enable the team to not only expand internally with new global offices and job opportunities, but enable them to be hyper-focused on growing Go1's user base and advancing its product features for the customers.
Founded in 2015, Go1 aspires to become a learning and professional development resource for organizations and a critical distribution partner for content providers. "Its easy integration and breadth of content have led to widespread adoption on both sides - corporations that now have a single subscription for all workplace training needs, and corporate learning content creators whose insights can find their way to a larger audience," shared the company, in a press note.
Speaking on the latest round of funding, Nagraj Kashyap, Managing Partner at SoftBank Investment Advisers said, "When people think about music, they often think of Spotify and access to unlimited music for one subscription. We believe Go1 is the emerging category leader in providing a similar experience for corporate learning."
Powered by AI and machine learning, Go1’s platform provides an intuitive experience, and creates an opportunity for individuals to expand their professional development goals and explore the resources to help achieve them.
"With premier education providers such as EdX, Coursera, Skillsoft, and Harvard as part of Go1’s subscription, organizations can curate learning content to fit the needs and interests of its workforce. We are delighted to partner with Andrew and the Go1 team help advance their vision of reaching one billion learners," added Nagraj.
With more than 70 percent of its new revenue generated from markets outside its home base in Australia, Go1 will focus on scaling up its team and partnerships with new platform content and resources. The company increased its user base more than 300 percent year-over-year, largely driven by rapid expansion into these markets and key government contracts with the Malaysian and Singaporean governments.
Go1 foresees additional expansion opportunities in the United States and Europe through its growing integration with Microsoft Teams, Workday, SAP and more.
In a latest LinkedIn Survey, when asked L&D profesisonals globally about their most important areas of focus in 2021, upskilling and reskilling topped the list. Overall the Global Learning Management System Market is estimated to be $13 Bn in 2021 and is expected to reach $27 Bn by 2026, growing at a CAGR of 15.8%, with a great share of demand coming from the new digital workplaces.
As society transitions out of the pandemic, ensuring that employees have opportunities to explore learning and development resources will be essential for team retention and encouraging employee growth within the organization. With the rise in demand for online learning, Go1 is well positioned to grow in the emerging space. However, it has to tackle with competition and for that it needs to focus on product innovation and customer engagement, among other things.