Kahoot!, a learning platform company, has raised $28 million in new equity through a private placement of 7.5 million new shares.
The private placement also comprised 16.5 million existing shares and amounted to $90 million in total.
The private placement attracted interest from institutional investors in Norway and internationally.
Both CEO Eilert Hanoa and Northzone Ventures, one of Kahoot!s largest shareholders, participated in the investment round.
The additional capital will fuel growth in the company and continue expansion of its game-based learning platform to all segments. Kahoot! also plans to invest further in research and development, product innovations, as well as expansion through value-creating strategic expansion opportunities.
In the last 12 months, Kahoot! had more than a billion participating players in over 200 countries. More than 50 percent of K-12 students and teachers use Kahoot! during a school year. In addition, 87 percent of global top 500 universities and 97 percent of Fortune 500 companies use Kahoot!.
Kahoot! has raised over $110 million to date.