Amsterdam-based online learning startup StudyTube acquires training marketplace Springest; closes $30M in Series B fund round
StudyTube, a leading Dutch online learning and development platform, said today it has a leading Dutch online learning and development platform Springest. The total amount of the deal was not disclosed. StudyTube said the acquisition will position the company to become a market leader in online learning and development.
In conjunction with the acquisition, StudyTube also announced it closed a $30 million Series B funding round led by strategic investment firm Energy Impact Partners (EIP) and existing investor Verdane. The new cash infusion will enable the startup to scale up its team from 180 to 300 people, and its product team from 60 to 120 people. The funding proceeds will also go toward expanding its business through strategic acquisitions in Europe.
Founded in 2010 by Homam Karimi, Studytube provides an online learning and development platform through a SaaS-enabled marketplace, offering courses from third-party providers. The startup also offers mid-sized and large enterprises a full-fledged online learning and development platform through a SaaS-enabled marketplace.
This acquisition of the most comprehensive European training database in Springest means that the portfolio of learning providers has grown to over 8,000. The 300 plus mid-sized and large enterprises that they work with include T-Mobile, Vattenfall, Aegon, NS, Eneco, and STORK to name a few. The funding received will be used to scale up the product development team and boost European growth.
Commenting on the acquisition and funding, CEO Homam Karimi said, “Thanks to the Springest acquisition, our portfolio has instantly grown to over 8,000 learning providers that offer over 250,000 online and offline learning products. In 2021, a total of 50 million euros worth of learning products were procured through our marketplaces. We’re welcoming all 60 Springest team members, as they have over a decade of experience in the learning and development space.”
Springest was founded in Amsterdam in 2008 by CEO Ruben Timmerman. Springest is an independent comparison website for training programs and courses. Our learning platforms are active in The Netherlands, Belgium, Germany, The UK, and Sweden. L&D providers place their learning products allowing you to view, compare and find your ideal course, e-learning, coach, or education.
Springest CEO Ruben Timmerman: “Springest offers companies and their employees the most comprehensive European training database. By combining our database with Studytube’s online learning and development platform, organizations utilizing Springest can search, find and book courses, but also easily organize, manage, and deliver their learning & development in one place. By joining forces we become a complete and future-proof learning partner for our clients.”
Studytube adds over 30 large enterprises to their client roster through the Springest acquisition, further diversifying Studytube’s customer portfolio. These include renowned organizations like T-Mobile, Vattenfall, Aegon, NS, Eneco, and STORK. Combined, Studytube currently serves over 300 mid-size to large enterprises across various industries.
The acquisition accelerates Studytube’s expansion into Germany, Belgium, the Nordics, and the UK. Studytube now has over 180 employees, working across offices in Amsterdam, Berlin, and Kharkiv, with plans to soon open offices in the Nordics.
Nazo Moosa, Managing Partner EIP, explains: “The European EdTech market is crowded with single-point software solutions. Studytube is the first to offer a fully integrated learning platform, consisting of a Learning Management System, a learning experience platform, an integrated authoring tool, and a learning marketplace. This makes Studytube the perfect company to integrate other successful single-point software solutions. Together with their relentless focus on a superior product, we believe Studytube is going to be one of the winners in the European EdTech space.”
Iikka Moilanen, Principal at Verdane, continues: “Since we invested in the company in 2020, Studytube has grown significantly and Verdane is glad to be have had the opportunity to continue supporting Studytube on its growth journey, where it is now taking the next step towards becoming one of the recognized European leaders.”