Desire2Learn, a Canadian online education startup that offers an increasingly popular cloud learning platform for higher education, K-12 and Fortune 1000 companies, just announced that it has raised a $80 million Series A round led by New Enterprise Associates (NEA) and OMERS Ventures. The company, which is based in RIM’s hometown of Waterloo, Ontario, says that it plans to use this investment to bolster its customer service and cloud infrastructure, support global growth and to accelerate the development of its platform.
Today’s $80 million financing marks the first time the company has taken an outside investment and is actually the largest-ever VC investment in a Canadian software company.
For NEA, this is also one of the company’s largest investments. The global venture capital firm just closed on its new $2.6 billion fund in July and today’s investment was made out of this fund. According to NEA, $1 trillion is spent on K-12 and higher education globally and technology is starting to transform how education works. Desire2Learn, NEA’s Jon Sakoda and Ravi Viswanathan write today, “is at the forefront of this shift with its leading software-as-a-service (SaaS) learning platform.”