Docebo has raised $3m in growth equity from Klass Capital to accelerate the growth of its SaaS enterprise E-Learning platform. This is Docebo’s second venture backed financing round, originally funded by a leading Italian Venture Capital firm Principia SGR.
Docebo (Latin for “I will teach”) provides a Corporate Learning Management System (LMS) that enables organizations of all sizes to plan, deliver, track and certify online and classroom training activities. Docebo plans to use the funds to invest in its North American expansion and finance the continued development of its e-Learning ecosystem.
The company is an international SaaS provider. Over 800 business-to-business (B2B) clients use the system in over 80 countries worldwide (including Bloomberg Institute, Thomson Reuters, FreshBooks and Autodesk, among others) and it is available in over 30 languages. The company has offices in the United States, Italy and Dubai.
“We discovered Docebo while studying the Corporate LMS space, which is a $3bn market opportunity. We were surprised by how rapidly the Company was able to scale revenues internationally without necessarily meeting many of their enterprise clients in person,” commented Daniel Klass, President of Klass Capital.
Claudio Erba, CEO of Docebo, attributes the Company’s success to two things: the ease-of-use and intuitive design of its platform, along with its proprietary sales and marketing process. According to Claudio, Docebo’s ‘secret-sauce’ consists of a multi-channel customer relationship strategy and engine.
“Our system enables the team to ensure that all requests are followed-up rapidly and that customers’ needs are addressed by our highly qualified pre-sales teams. We’re able to onboard and support customers virtually in an effective manner, which is essential for our global strategy,” added Claudio.
Alessio Artuffo, COO for Docebo North America, further added, “Given the rapid growth of Docebo’s business in the UK and North America in the past two years, we find this partnership highly strategic and aligned with our long-term goals and objectives for the global market. We are extremely excited and feel very fortunate to partner with Klass to further accelerate such growth and ultimately continue building our teams and outstanding services for our customers.”
“Docebo has always taken a user experience (UX) driven approach to developing its software, which stems from our design team’s culture – the design team being based in Italy. Our LMS is user-friendly and has a modern look and feel that is consistent across all devices, including mobile and tablet,” said Claudio.
“Most of our customers have very specific needs when it comes to their training programs. Docebo is the only Enterprise LMS that allows a highly modular approach to training implementation. Thanks to our proprietary web apps marketplace our customers virtually “assemble” the LMS according to their requirements, especially in self-provisioning. With this approach our customers benefit from increased usability and adoption, and hence ROI.”
Over the past year Daniel and Claudio have built a strong relationship, communicating over phone and Skype. Daniel met Claudio last fall for the first time when travelling to Italy with his family.
“During our initial meeting in Italy I was very impressed with Claudio, his partners, and I bought into his vision for scaling the business internationally. I quickly understood the need that medium-to-large organizations had for a comprehensive highly customizable e-Learning system for developing employees’ skills and ensuring corporate compliance,” said Daniel. “Klass Capital is extremely excited to partner with Claudio, Principia SGR and support the business as it executes its growth plan.”