360Learning Lands $200 Million to Make Education Collaborative
Founded in Paris in 2013, and now with offices in New York City and London, 360Learning offers what it calls a "collaborative learning" software platform that combines collaborative tools with the features of a traditional corporate learning management system to tap into the expertise of employees and develop professional skills.
“By focusing on collaborative learning and combining it with AI and data, we’re radically changing how people learn in the workplace. Our engagement figures show that with the right learning approach and technology, L&D becomes a driver of growth,” said Nick Hernandez, 360Learning’s founder and CEO, in a press release statement. “Learners take control of their own learning and their companies thrive and lead in the new hybrid work environment.”
The funding round was led by Sumeru Equity Partners, SoftBank Vision Fund 2 and Silver Lake Waterman with participation from existing investors Bpifrance Large Venture, XAnge and Educapital. 360Learning has now raised $240 million after this latest round, and plans to grow its team to more than 500 people by the end of 2022 with hires in innovation and engineering and products. The company also plans to expand across North America, Asia, Europe and South America, and explore potential merger and acquisition targets.
360Learning's collaborative learning model uses AI to analyze data created from employee learning interactions and apply insights to identify what courses are missing or need to be improved, speed up course delivery, and ensure learners find courses tailored to their needs. More than 1,500 customers including LVMH, Aircall, Toyota and Appen use the 360Learning platform.
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“We believe that employee learning and development will be the single most important factor for enterprises in the next 25 years — enabling growth, building durable company cultures, accelerating innovation, and enhancing communities broadly,” said Sumeru co-founders and managing directors Sanjeet Mirta and George Kadifa in a joint statement.
People don't want to work for companies with a traditional, top-down structure and a siloed culture that treats them as fixed assets, said Sanchez in his announcement.
"The best way to change your company culture?" he wrote. "Reboot your learning culture with one that enables employees to learn collaboratively from each other and foster a growth mindset. Our mission is to empower everyone to end their bad relationship with e-learning."