Australian education technology company, OpenLearning, has announced today it has completed an $8.5M series A capital raise, valuing the company at $33.5M, and bringing its total funding to $13.7M since it launched five years ago.
Led by two public listed Malaysian companies, Prestariang Berhad, Malaysia’s leading technology and talent platform innovator, and Paramount Corporation Berhad, a top-tier education and property company, and backed by a number of Australian investors, including its chairman, Clive Mayhew, Robin and Susan Yandle, Telstra’s Muru-D, former CEO of Zip Industries, Michael Lee, and local angel investors.
CEO, Adam Brimo, said the capital raise was a testament to OpenLearning’s proven track record and validates the OpenLearning platform’s ability to improve student learning outcomes, increase student engagement, attract off-campus students and generate new revenue for universities and vocational colleges.
“This funding will enable OpenLearning to solidify its position in Australia and Malaysia, and launch new products and services for our 1.3 million students, 38 university partners and 36 vocational education providers, while we look to expand into more countries in Southeast Asia,” added Brimo.
OpenLearning provides higher education institutions with a full-service solution that includes its social learning platform, expertise in designing online courses and a global marketplace for attracting new students. This combination of technology and services makes OpenLearning a turn-key solution for delivering massive open online courses (MOOC), short courses, graduate certificates and blended learning.
“I would like to personally thank our entire team and our early investors for their hard work, passion and dedication to building an innovative learning platform and an impact-driven company that is solving the fundamental challenges in higher education: access and quality. We’re honoured to have the support of visionary Australian and Malaysian investors who understand the opportunity for education technology in the region,” said Brimo.
As Australia’s third largest export, international students contribute about $28 billion to the Australian economy each year.
Adam believes that OpenLearning’s partnerships and growth in Southeast Asia will directly benefit Australian educational institutions by enabling them to cost-effectively deliver off-campus short courses and degree programmes.
OpenLearning’s chairman, Clive Mayhew, welcomed the new investors and added, “It’s so pleasing to see Australian based technology companies expanding overseas both operationally and through its investor base. OpenLearning has always been a global provider, by adding overseas investors contributes to this global focus and positions us well for the next level of growth.”
Prestariang Berhad CEO, Dr Abu Hasan Ismail, said, “Our investment in OpenLearning is strategically in line with the corporate expansion of our education business particularly for our University Malaysia of Computer Science and Engineering (UNIMY). OpenLearning is the leading MOOC platform in Malaysia, coupled with our talent engagement platform EduCloud, will bring significant impact on quality educational opportunities for students and talents across the globe.”
Paramount Group CEO, Jeffrey Chew Sun Teong, said, “The education sector plays a crucial role in the future as we need to build the right ecosystem for the growth of digital economy. With the strong push from the government to modernise our education system using technology,
Paramount is committed to raising our game through the assimilation of the latest technologies and educational approaches. As we enter the Fourth Industrial Revolution or Industry 4.0, companies – big or small – will have to innovate and stay relevant in order to stay competitive in the global world. As such it is critical for us to embrace change. We have been looking for opportunities to gain entry into technology-based businesses and this investment with OpenLearning is a step in the right direction.”
OpenLearning was advised by Siemer/Right Click Capital in Sydney, Australia, and Abacus IB in Kuala Lumpur, Malaysia.
OpenLearning’s mission is to become the No. 1 online learning platform for higher education institutions in Australia and Southeast Asia by 2020.
Founded in 2012 in Sydney, Australia, OpenLearning’s Australian clients include the University of New South Wales, University of Technology Sydney, Charles Sturt University, Macquarie University, University of Melbourne, TAFE NSW and the Australian Federal Government.
OpenLearning expanded to Malaysia in 2015 and is the national Massive Open Online Course (MOOC) provider for the Malaysian public higher education system. It currently employs a team of 30 staff at its Headquarters in Sydney, and 40 local staff at its regional office in Kuala Lumpur.
OpenLearning’s Malaysian clients include UNIMY,KDU University, Sunway University, Global University of Islamic Finance, University of Science Malaysia, National University of Malaysia and Universiti Malaysia Sarawak, as well as all the 20 public universities and 34 public polytechnics.
OpenLearning is a cloud online social learning platform that enables higher education institutions to deliver MOOCs, short courses, executive education, online degrees and blended learning to students worldwide. It’s unique social and interactive approach to learning has been adopted with great success by leading institutions and government bodies around the world.
Led by Founder and CEO, Adam Brimo, and Founder and CTO, David Collien, OpenLearning’s innovative model of online learning is focused on student engagement and fostering vibrant learning communities in courses.
**This article was provided through a newswire and does not express the views or opinions of 61-Bit.