itslearning gets funding boost for product development
Thanks to an investment from EQT Expansion Capital II, itslearning now has money free to increase product development. The result should be an even better product with a better mobile interface.
EQT Expansion Capital II, a privately-owned investment company, has agreed to invest approximately EUR 40 million in itslearning. The capital will be used to fund new product development – including a solution for mobile phones and tablets – and continue the itslearning’s expansion into new markets.
According to itslearning CEO Arne Bergby, the investment boost enables itslearning to further develop its product based on pedagogical practice. “The investment allows us to continue our ambitious product development strategy that focuses on helping teachers and students use technology to further opportunities for learning,” he says.
Picture: itslearning CEO Arne Bergby
Better support for mobile devices
One of the current trends in education is the increasing use of mobile devices, including smartphones and iPads. While the use of these devices is still unproven in many educational settings, more and more teachers and students are looking for ways to utilise mobile devices in the classroom.
For itslearning, the next product development stage is to fully optimise the basic itslearning interface to ensure it works well on any mobile device. This will enable teachers, students and parents to use itslearning efficiently on any device, whether it’s a PC, mobile phone or tablet.
“This is essential today as mobile devices are becoming increasingly important to students and teachers alike,” says Arne.
New itslearning shareholder
The investment deal makes EQT Expansion Capital II itslearning’s largest shareholder. However, the original itslearning’s founders still remain in control of the company.
EQT Expansion Capital II provides capital for privately owned mid-market companies. The core investment focus of the Fund is businesses in need of capital for growth. The financing solutions have equity characteristics, while the owner normally maintains control over the company.
Find out more about EQT at www.eqt.se
Posted on Fri, April 19, 2013
by Dan Elloway