Grovo, the SaaS company reinventing learning for the modern workforce, today announced $40M in Series C funding led by existing investor Accel with participation from Costanoa Venture Capital, SoftTech VC, and Greg Waldorf, as well as new investor Vayner Capital. Grovo will use the funds to expand its core product offering and secure its position as the leader in workplace learning innovation. To support its explosive growth, the company also plans to invest in a round of key executive hires and an expanded NYC headquarters. The round comes a year after Grovo’s $15M Series B, also led by Accel, and brings Grovo’s total equity raised to $65M.
“Accel has deep experience funding companies that are pioneering new technology and transforming industries,” said Sameer Gandhi, partner at Accel and member of Grovo’s board of directors. “Grovo has created a highly scalable business model that integrates learning technology, groundbreaking video content, and best-in-class service to address the talent needs of today’s organizations. We think Grovo is well positioned to continue to capitalize on the large growth opportunities in the $130 billion corporate training space.”
Grovo’s annual recurring revenue has grown 400 percent over the past 12 months as the world’s leading brands adopt its next-generation learning solution to drive organizational performance. The company’s traction demonstrates an appetite for a new approach to learning and development that matches the evolving nature of work today. Recent clients to join Grovo’s portfolio include WeWork, The Wyndham Hotel Group, and the National Basketball Association. They join existing clients such as Capital One, Chevron, the Kansas City Chiefs, Pernod Ricard, and DDB Worldwide.
“For far too long, corporate training has been broken: irrelevant, out of date, and frankly, mind-numbingly boring. Grovo has become one of the fastest-growing SaaS companies in New York by re-imagining what effective learning looks like in today’s workplaces, with a 21st century approach that matches the realities of our wired world. Vayner Capital is thrilled to show our support with this investment,” said Gary Vaynerchuk, partner at Vayner Capital.
A pioneer in the microlearning movement, Grovo unites four key product areas to deliver industry-leading learning outcomes: a beautiful training platform, engaging 90-second video lessons, integrations that link Grovo with the full human capital management technology stack, and an advisory service that aligns learning strategy to business goals. This all-in-one solution empowers employees to make a lasting impact on their organizations, with a curated curriculum that helps them quickly master everything from cloud applications to management techniques. Since launching in 2010, Grovo has delivered more than 9 million learning moments at organizations in 190 countries.
“Over the past two years, Grovo has built a best-in-class team on a foundation of discipline, playfulness, and a deep love of learning. It’s allowed us to deliver our clients cutting-edge workplace learning solutions and grow incredibly quickly,” said Jeff Fernandez, cofounder & CEO of Grovo. “This additional funding will enable us to accelerate development of products that transform the industry, while continuing to lead by example with our own internal learning initiatives. We couldn’t be more excited.”
Grovo’s own culture of learning has helped the organization double headcount from 100 to more than 200 employees in the past year, while cementing its status as one of the best places to work in tech. The company recently appointed Vice President of People Joris Luijke to catapult Grovo to become a leading culture-first tech company and model a new way of thinking about talent development for its clients. Recognized as one of the most progressive forces in HR, Joris joins Grovo from Squarespace, where he served as vice president of people for two years. Previously, Joris helped Atlassian rapidly scale from 130 employees to 700 employees.
Other recent notable hires include Vice President of Content Molly Lindsay, formerly of Boundless; Senior Director of Sales Michael Rosenberg, formerly of Square and iCIMS; and Director of Engineering Anthony Ferrara, formerly of Google. They join an executive team fueling growth and innovation across departments.