Fuse Universal raises $20m to transform workplace learning
Fuse Universal (“Fuse”), the leading provider of next-generation learning technology for the workplace, has raised $20 million in growth capital from Eight Roads Ventures to continue investing in product innovation and global expansion.
Law firm Fieldfisher advised Fuse on the deal.
The latest funding round follows a period of strong growth for the company, which today helps over 100 enterprises globally to facilitate learning, knowledge sharing and communication among employees in an effective and engaging manner. Fuse customers include Merck, EY, InterContinental Hotels Group, The Prince's Trust, Spotify and Vodafone along with many others ranging from mid-size enterprises to Fortune 500 companies.
The $100bn+ corporate learning market has evolved rapidly in the last few years as companies increasingly recognise the importance of learning as a driver of employee performance, engagement and retention. At the same time, learning science has evolved to emphasise the importance of on the job learning and knowledge sharing among peers rather than static courses. This, together with employees’ desire for engaging personalised content they can consume 24/7 on their mobile devices, calls for a new type of learning technology.
Fuse’s learning platform allows enterprises to create, curate and share relevant internal and external content among employees to facilitate seamless learning, knowledge sharing and communication. It combines online and offline learning and can serve as a standalone learning management system (“LMS”) or integrate with existing LMS providers. The platform is built with learners in mind and achieves employee engagement rates up to 100x higher than among legacy corporate learning providers.
The investment will allow Fuse to stay on the forefront of educational technology innovation and continue advancing its work around areas such as machine learning and AR. It will also support the company’s continued geographic expansion as it is addressing an increasingly global customer base. Finally, the funding will also help accelerate its charity arm FuseSchool, which currently has over 140,000 subscribers and delivers free educational content to children across the world.
Founder and CEO of Fuse Universal, Steve Dineen, said: “We’ve had a remarkable 3 years since our Series A in 2015 and now serve over 100 clients around the globe. Without a doubt, the biggest beneficiary of the investment will be our customers. They have been challenging us on what they want from our product team and our primary focus is to ensure that our customers reap the rewards of this investment round and that we continue to be the world’s leading next-gen learning solution.”
Michael Treskow, Partner at Eight Roads Ventures, will join the Fuse board and said: “Fuse has a unique offering which is transforming how businesses are able to educate and engage their workforce. We’re excited to work with this talented team and support them with our global platform and network of experienced operators as they scale-up and internationalise.”
Tim Bird, Corporate and Tech Partner, Fieldfisher, said: “We were delighted to advise Fuse on its Series B, which comes after a period of substantial growth since its Series A in 2015 and will launch it into the next chapter of its development with an experienced partner in Eight Roads. This shows that substantial scale-up funding is still available for good companies.”
The Fieldfisher team included partners Tim Bird & Tom Ward and solicitor David Hill.
About Fuse Universal
Fuse Universal is a technology company helping global enterprise, education and public-sector organisations revolutionise online learning, knowledge sharing and communication in the workplace. Fuse Universal offers customers the most advanced learning technology on the market built to help organisations increase learner engagement and business performance. The Fuse platform is a modular and flexible Modern Learning System which integrates into a company’s existing infrastructure or replaces legacy LMS and communication tools. Fuse supports continuous, social, blended and mobile learning, as well as traditional learning, in one beautifully designed platform, available on all devices.
About Eight Roads Ventures
Eight Roads Ventures is a global venture capital firm that helps entrepreneurs scale. In the past ten years the Eight Roads ecosystem has invested almost $6bn globally into growing companies. Its near 50-year history of investing includes partnerships with companies such as Alibaba, AppsFlyer, Compte Nickel, Cúram, Future Advisor, InnoGames, iPipeline, Kensho, Letgo, Made.com, Neo4j, Nuance, Ping Identity, Prosper, Treatwell, Recurly, Wallapop and Xoom. In Europe, Eight Roads Ventures has recently launched a $375m fund. www.eightroads.com