The Microsoft and Disney-backed educational game portal pulled in $28m as investors also bought $62m of secondary shares.
Kahoot, a Norway-based learning assessment software developer backed by corporates Microsoft and Walt Disney, has raised $28m in a private placement featuring venture capital firm Northzone Ventures and company CEO Eilert Hanoa.
The placement consisted of 7.5 million new shares priced at $3.73 each, in addition to 16.5 million existing shares that were priced at $5.45 each. The company did not disclose the identity of the sellers.
Founded in 2012 as a spinout of Norwegian University of Science and Technology, Kahoot has built an online platform that enables users to learn about a wide range of subjects through competitive quizzes and practice tests.
The funding will support strategic expansion moves for Kahoot as well as research and development, and the expansion of its platform. It has 260,000 paid subscribers and 19 million active accounts.
Kahoot said it has now raised $118m in total, having secured approximately $15m from media and entertainment group Walt Disney in December 2018 at a $376m valuation. Datum Invest had led a $15.3m round for the company two months earlier that valued it at $300.
Datum had previously joined software provider Microsoft’s M12 unit (then known as Microsoft Ventures), Northzone, Eilert Hanoa and Creandum in a $17m round in March 2018. M12, Northzone and Creandum all participated in a $20m series A round for Kahoot that closed the previous year.