Investors Pumping $8M Into Lessonly
(Image of Max Yoder courtesy of Lessonly.)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA fast-growing technology company in Indianapolis has secured another $8 million in funding. Lessonly Inc. Chief Executive Officer Max Yoder says the Series B round from Boston-based OpenView Venture Partners, Rethink Education Management LLC in New York and central Indiana firms High Alpha Capital and Allos Ventures, could potentially double its current 80-person team over the next two years. The company says growth, which has outpaced its expectations from shortly after launching in 2012, was super-charged in 2016 by a Series A investment round of $5 million.
In an interview with Inside INdiana Business, Yoder explained how the funding will be used. "We can invest in products. We’re tripling product teams, doubling sales and marketing efforts. All the stuff you’d expect from a new round of capital. We just want to make sure we can support all of our customers as they themselves scale," he said. The company counts 500 customers and says more than one million unique learners have used their portfolio of team training software.
OpenView led the latest round of funding and Partner Rick Pelletier, who also serves on the Lessonly board, says the investment "speaks to the company’s growth, focus on innovation, and ability to hire and retain some of the best talent in the Midwest." OpenView, High Alpha and Allos Ventures were also part of Lessonly’s Series A funding round last year, when the company’s head count was 17.
Lessonly is also slated to host its first user conference, called Yellowship, in April in Indianapolis.
In an interview with Inside INdiana Business, Lessonly CEO Max Yoder explained how the funding will be used.