OpenSesame is a platform for learning programs in corporate settings. JMI Equity raises $50M, taking its total to over $100M (Mike Rogoway/Oregonian)

OpenSeame, an online educational portal in Portland reported Thursday $50 million of new funding. This was buoyed in part by the interest in remote work options and new training opportunities.

OpenSesame, a private company, had disclosed $47m in outside investments, the most recent being a $28m round two years back. It has now raised close to $100 million. It is one of the most well-funded tech startups in Portland.

OpenSesame stated that it would use its latest infusion of capital to acquire new products and expand.

About 173 employees work for the company, with a third of these in Portland. This is an increase of 70 since its previous investment in 2019. OpenSesame stated that it plans to employ 200 people by the end, 700 in 2025 and more employees around the world by the end.

We plan to make online business training the best in the world. Don Spear, CEO of the company said Thursday that they plan to create a multibillion dollar business.

OpenSesame was founded in 2011 and offers 20,000 courses online on topics ranging from cybersecurity, forklift safety, diversity and inclusion. To help their employees improve in specific areas or to acquire new skills, employers assign them to the online courses.

Customers include Caterpillar and Siemens as well as McDonald’s.

OpenSesame lists training courses created by other organizations. OpenSesame receives a portion of any course purchase, which has historically been around half off. Harvard Business Publishing, TED Conferences and TEDTalks are two of the course providers.

JMI Equity, an investment company, led the Thursday round. Altos Ventures and FTV Capital were also present.

OpenSesame doesn’t have financial reports and Spear won’t give any details about Thursday’s investment to the company. However, he said that the business had seen a spike in interest the last year, as more companies are looking to hire remote workers and provide training for diversity.

Spear believes that remote work and diversity training will be permanent additions to the Portland workplace. This should provide an ongoing boost for the business. Spear stated that the core principles of OpenSesame have not changed and that OpenSesame’s growth is due to organizations wanting to train their employees anywhere they may be, rather than in one place.

He said, “That was the greatest impetus for growth and that’s what we have experienced.”

— Mike Rogoway | [email protected] | twitter: @rogoway | 503-294-7699

Publited Fri, 23 July 2021 at 02:59:22 (+0000).

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