{"id":11634,"date":"2019-05-29T15:00:20","date_gmt":"2019-05-29T19:00:20","guid":{"rendered":"https:\/\/news.elearninginside.com\/?p=11634"},"modified":"2019-06-05T21:44:17","modified_gmt":"2019-06-06T01:44:17","slug":"opensesame-announces-28-million-equity-round-led-by-ftv-capital","status":"publish","type":"post","link":"https:\/\/news.elearninginside.com\/opensesame-announces-28-million-equity-round-led-by-ftv-capital\/","title":{"rendered":"OpenSesame Announces $28 Million Equity Round Led by FTV Capital"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">It\u2019s likely in 2019 that, no matter the size of one\u2019s business or the field in which it operates, the right <a href=\"https:\/\/news.elearninginside.com\/corporate-microlearning-examples\/\">corporate eLearning content<\/a> is out there \u2026 somewhere.<span class=\"Apple-converted-space\">\u00a0 <\/span>Finding, adapting, and integrating it for one\u2019s needs is a huge job in itself. There\u2019s no stronger evidence for that reality than the funding round that was announced on May 29. OpenSesame, the Portland-based eLearning services and curation company, said it has secured a $28 million equity Series C round from a group of investors led by FTV Capital.<\/span><\/p>\n<h2>OpenSesame&#8217;s Model<\/h2>\n<p class=\"p1\"><span class=\"s1\">OpenSesame currently maintains a library of 20,000 corporate training modules authored hundreds of publishers from around the world. Businesses contract with them to identify, adapt, and deploy that training for their employees. <\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">\u201cBased on FTV Capital\u2019s long and successful enterprise SaaS investment track record, we are excited to have them lead our Series C funding,\u201d said Don Spear, CEO of OpenSesame, in a prepared statement. \u201cThis investment coupled with their extensive network of strategic advisors will help OpenSesame to continue to rapidly grow and innovate to meet the constantly evolving training needs of our customers as they prepare their employees for the future of work.\u201d<\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">The Series C round includes funding from existing investors, including Altos Ventures. As part of the deal, FTV parter Chris Winship will take on a seat on OpenSesame\u2019s board of directors. <\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">\u201cEnterprises spend over $30 billion annually on external learning content and programs to maintain a highly skilled, competitive workforce, as well as to comply with complex regulatory requirements,\u201d said Winship in a statement. \u201cOpenSesame is capitalizing on key trends that are transforming the workplace, including a more mobile workforce, evolving millennial preferences and behaviors, and the rapid adoption of enabling technologies such as cloud and collaboration. We are extremely impressed with the OpenSesame management team, the market leading solution they have built and their outstanding growth trajectory, and we are excited to join forces in this next phase of growth.\u201d<\/span><\/p>\n<h2>The Company Now Cuts a Line Between eCommerce Marketplace and SaaS<\/h2>\n<p class=\"p3\"><span class=\"s1\">The original idea behind OpenSesame, developed by founders Joshua Blank, Don Spear, Aaron Bridges, and Tom Turnbull, was to consolidate the various training resources offered by publishers like Wiley, Cegos, and FranklinCovey into one LMS, according to the <i>Portland Business Journal<\/i>. That was back in 2011. Their original model was closer to providing a training marketplace. <\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">They went through the Portland State University Business Accelerator and secured $2 million in seed funding from Harmony Investments. Early major clients included Dish Network (the satellite television provider) and the fast food chain Five Guys. <\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">The Series C announced in May brings their total funding to $47 million, according to <i>Crunchbase. <\/i>Series A and B rounds brought in $8 million and $9 million, respectively. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">They have since moved closer to a SaaS model. Most recently, the OpenSesame has been expanding its autonomous machine-learning curation tools. With the new equity growth round, the company plans to continue to develop those tools, and scale its operations across the board, according to a news release.<\/span><\/p>\n<p><em>Featured Image: Zachary Keimig, Unsplash.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s likely in 2019 that, no matter the size of one\u2019s business or the field in which it operates, the right corporate eLearning content is out there \u2026 somewhere.\u00a0 Finding, adapting, and integrating it for one\u2019s needs is a huge job in itself. There\u2019s no stronger evidence for that reality than the funding round that [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":11646,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[5,6,4],"tags":[],"class_list":["post-11634","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-editors-picks","category-industry-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>OpenSesame Announces $28 Million Equity Round Led by FTV Capital - eLearningInside News<\/title>\n<meta name=\"description\" content=\"OpenSesame, an eLearning services and curation company, said it has secured a $28 million equity Series C round from a group of investors led by FTV Capital.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/news.elearninginside.com\/opensesame-announces-28-million-equity-round-led-by-ftv-capital\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OpenSesame Announces $28 Million Equity Round Led by FTV Capital - 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