SoftBank has invested $215 million in education start-up Kahoot, picking up 9.7 percent stake in the company based in Norway.
The Oslo-based firm said Tuesday it agreed to sell 43 million new shares at a price of 46 Norwegian krone — or about $5 — per share to SoftBank. It plans to use funds raised from the deal to fuel growth through new partnerships, joint ventures and acquisitions, CEO Eilert Hanoa told CNBC.
Founded in 2012, Kahoot is a game-based learning service that lets players create and take part in multiple-choice quizzes. One side of the business focuses on schools and home learning, while the other centers on corporate clients looking to make training sessions and presentations.
Microsoft recently invested over $1 million in U.K.-based computing start-up Kano for a minority stake.
Kahoot secured $28 million in June. The company, which is listed on Oslo’s Merkur Market, has seen its shares skyrocket over 150 percent since the start of the year.
Hanoa said the firm now plans to launch a full initial public offering on Norway’s main stock market in early 2021. Kahoot now has a market value of 19.9 billion Norwegian krone — or roughly $2.2 billion.