In an announcement, Instructure said it was able to raise US$30 million in Series D funding. This new capital infusion would bring the total lifetime funding of the firm to US$50 million.
Leading the round of funding is Bessemer Venture Partners with fellow existing investors namely EPIC Ventures and TomorrowVentures. The funds accummulated would be used to accelerate the adoption of Canvas Instructure's cloud based learning management system. This system is used by academic institutions in support of its massive open online course curriculum.
The company had launched Canvas just last February 2011 after three years of market research from the educational community to design a product attuned to their needs. Now after its launch, Canvas has more than six million educators and students from about 425 institutions attached to its cloud platform generating about US$90 million in revenue generating agreements.
The company is poised to receive double digit revenue growth under the leadership of its CEO Josh Coates.
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