Kahoot! Raises $28 Million in New Equity to Fuel Growth
Kahoot, the global learning platform company, successfully completed a private placement with U.S and Europe-based institutional investors.
Kahoot!, the global learning platform company, announced that the company has raised a gross amount of $28 million in new equity through a private placement of 7.5 million new shares. The private placement also comprised 16.5 million existing shares and amounted to $90 million in total. The transaction took place through an accelerated bookbuilding process managed by ABG Sundal Collier ASA, Arctic Securities AS and Goldman Sachs International as joint bookrunners after the close of market on June 10, 2020.
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The private placement attracted very strong interest from high-quality institutional investors in Norway and internationally and was multiple times over-subscribed. Both CEO Eilert Hanoa and Northzone Ventures, one of Kahoot!s largest shareholders, participated in the investment round.
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The additional capital will help fuel further growth in the company and continue expansion of its game-based learning platform to all segments — whether it be organizations, educational institutions or families at home. Kahoot! also plans to invest further in research and development, product innovations, as well as expansion through value-creating strategic expansion opportunities.
Kahoot!’s game-based learning platform for schools, organizations and families makes it easy to create, share and play fun learning games in minutes. In the last 12 months, Kahoot! had more than a billion participating players in over 200 countries. More than 50% of K-12 students and teachers use Kahoot! during a school year. In addition, 87% of global top 500 universities and 97% of Fortune 500 companies use Kahoot! to make learning awesome.
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