After announcing a modest $28 million raise earlier this year, the user-generated gamified e-learning platform Kahoot today announced a much bigger round to double down on the current surge in demand for remote education.
The Norwegian startup — which has clocked 1.3 billion “participating players” since launching in 2013 — has picked up $215 million from SoftBank, specifically by way of a “private placement to a subsidiary of SoftBank Group Corp., through issuance of 43,000,000 new shares.” The placement was made at 46 Norwegian Krone per share, working out to NOK1,978 million (or $215 million), and the funding will be used for acquisitions and also to continue its expansion.
Kahoot is traded on the Merkur Market in Oslo — a stepping stone between being a fully private startup and a publicly-listed company — and today the company is trading more than 15% up on the news. At market open today, it was valued at NOK22.2 billion, or about $2.4 billion — so by the end of the day that market cap is likely to have gone up as a result of today’s investment.
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Source: Tech Crunch