Enterprise learning platform WorkRamp has raised $17 million in a Series B round led by OMERS Ventures1.
Subscribe to the Crunchbase Daily
WorkRamp is aiming to disrupt the traditional learning management space. The company, which started as an onboarding product, is a platform that turns traditionally boring tasks, like compliance training, into bite-sized learning activities.
The company’s platform is meant for both a company’s internal and external uses, so a business can use it for continuing training for employees or to educate their customers.
With the COVID-19 pandemic and so many people working from home, good tools for training are arguably more important than ever.
“The pandemic has really accelerated digital transformation for all companies and we’re saying, ‘Hey, in order to do that, you have to make sure your people are ready,’” CEO Ted Blosser said in an interview with Crunchbase News.
The company plans to focus the investment on its product and is working on improving WorkRamp for both internal training and for customer education, Blosser said. It’s also investing in customer success by building out a client outcomes team and a professional outcomes team. Those two new teams within the customer success team are intended to be like a “mini Deloitte” or “mini Accenture” within the organization.
In terms of expansion, WorkRamp is focusing on Europe, one of its fastest-growing markets, and India. The company plans on doubling its headcount over the next year or so, going from an employee base in the high-30s to about 80 by the end of 2021.
WorkRamp has seen its product usage and revenue accelerate this year, as well. In the first nine months of 2020, the company tripled its product usage across the board, Blosser said, with year-over-year revenue more than doubled so far this year. WorkRamp counts companies like Zoom, Box and PayPal among its customers.
“We’ve just seen the acceleration of how much people are training in this environment and with that we’re seeing people consolidate their multiple learning platforms onto one platform,” Blosser said.
The company wasn’t looking to fundraise, Blosser said, but Eugene Lee of OMERS Ventures was looking to invest in a learning provider and found WorkRamp.
“OMERS was a great firm to partner (with),” Blosser said. “We worked with a partner, Eugene Lee and he was literally on the hunt because they’re very thesis-driven in terms of their investment strategy … he was on the hunt for the next great learning provider, LMS provider.”
Blosser recalled getting off one of the first calls with Lee and telling his co-founder that he may have found an investor who knew more about the learning management space than he did.
“The pandemic has forced adoption of a digital-first approach towards customers and employees across virtually all industries,” Lee said in a statement. “WorkRamp’s platform is foundational to empowering both of these important audiences today and in the future.”
The new round brings WorkRamp’s total funding to more than $27 million. The company last raised money with an $8 million Series A in June 2019.
Illustration: Li-Anne Dias
Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.