LearnWorlds, a company based in Cyprus, has procured a $32 million minority investment from global venture capital and private equity firm Insight Partners.

This comes off the back of an impressive year for the company which included a growth rate of more than 300 per cent, according to a company statement.

LearnWorlds, which also has part of its operations in Greece, is a Software-as-a-Service (SaaS) platform which allows its users to easily create interactive online courses without needing any programming knowledge, has seen both its reputation and fortunes soar during the pandemic, with the entirety of the e-learning industry accelerating in light of the lockdown measures enacted both in Cyprus and around the world.

“While the full potential of e-learning has always been five years into the future, the Covid-19 pandemic accelerated this trend,” LearnWorlds co-founder and CEO Panos Siozos said.

“Now, more than ever before, educators and businesses need tools that will help them re-train and re-skill people in a mobile, distributed, flexible, enjoyable, but also cost-effective and efficient way,” Siozos added.

Though the company started with a tough but successful bootstrapping approach and enjoyed steady, organic growth, it managed to attract a round of seed funding of $1.2 million by Marathon Venture Capital back in 2019.

The latest investment by Insight Partners showcases the company’s firm foundation and potential for further growth. The choice of LearnWorlds fits neatly into Insight Partners’ portfolio.

Insight Partners have previously invested in such companies as DocuSign, Shopify, Shutterstock, Trivago, Twitter and Udemy.

“Insight Partners, one of the world’s largest venture capital and private equity firms, is known for working closely with growth-stage companies, contributing unmatched expertise and business strategy and helping them scale up their operations,” LearnWorlds said in a statement.

“Insight Onsite, its ScaleUp engine, is designed to help portfolio companies by providing a range of services in key business areas, like recruitment, marketing, and product development,” the company added.

Sharing portfolio space with Shopify is particularly relevant since LearnWorlds have long marketed themselves as ‘Shopify for online courses’.

“Our clients are primarily companies or professional educators and trainers, not universities or schools. Those institutions operate under slightly different and more structured conditions,” Siozos told the Cyprus Mail in October of last year.

“We mostly address the needs of educators who want to pass on their knowledge remotely and sell their lessons and training. So our business combines distance learning and e-commerce in one platform,” he added at the time.

Siozos’ optimism about the company’s potential remains unwavering, explaining that the rapid expansion of the entire industry is key to the company’s future growth.

“With an unvented core Total Addressable Market north of seven billion dollars in the SMB space alone, and many times that in general, the future for LearnWorlds looks bright,” Siozos said.