EdTech company Fuse Universal has raised $20m (£14.79m) in growth capital from Eight Roads Ventures to support workplace learning.
Launched in 2011, Fuse helps over 100 enterprises across the globe to facilitate learning, knowledge sharing and communication among employees. Such enterprises include Merck, EY, International Hotel Group, The Prince’s Trust, Spotify and Vodafone and more.
Back in 2015, Education Growth Partners invested $10m in Fuse Universal. This latest funding, which follows a period of stated high-growth for the company, will be used to continue advancing its work in areas such as machine learning and augmented reality. It will also be used to support global expansion and to accelerate FuseSchool, its charity arm which currently has over 140,000 subscribers and delivers free educational content to children across the world.
Founder and CEO of Fuse Universal, Steve Dineen, commented on the investment news: “We’ve had a remarkable 3 years since our Series A in 2015 and now serve over 100 clients around the globe. Without a doubt, the biggest beneficiary of the investment will be our customers.
“They have been challenging us on what they want from our product team and our primary focus is to ensure that our customers reap the rewards of this investment round and that we continue to be the world’s leading next-gen learning solution,” he added.
Fuse has developed a learning platform which can work both as a standalone learning management system (“LMS”) or integrate with existing providers. The platform allows companies to create and share content, and Fuse claims it achieves up to 100x higher employee engagement rates than among other legacy corporate learning providers. .
Michael Treskow, partner at Eight Roads Ventures, will join the Fuse board alongside this funding. He said: “Fuse has a unique offering which is transforming how businesses are able to educate and engage their workforce.
“We’re excited to work with this talented team and support them with our global platform and network of experienced operators as they scale-up and internationalise,” he added.