As British Columbia’s economy still suffers from job losses caused by the pandemic, a local tech company plans to embark on a hiring spree following a $ 22 million capital raise. dollars.
Thinkific Labs Inc. on Tuesday revealed the close of its latest round of funding, led by top investor Rhino Ventures – also based in Vancouver.
The west coast company has developed a platform to help businesses and individuals create and deliver online courses.
It is a business that is proving to be particularly in demand as more and more people are working from home or avoiding their usual social commitments during the COVID-19 crisis.
Thinkific reports a 200% increase in online courses created on its platform since the start of the pandemic.
Meanwhile, revenue earned by course creators using the platform has reached $ 650 million in the past year with Thinkific forecast that will rise to $ 1.5 billion by the end of 2021. .
The company’s revenue grew by around 150% year-over-year.
Thinkific says it has been profitable since 2018 and is using the $ 22 million capital injection to spur work on its products and triple its workforce by recruiting 350 more workers over the next 18 months.
The hiring frenzy comes as Amazon.com Inc. (Nasdaq: AMZN) on Monday unveiled its own plans to hire 3,000 more tech workers in Vancouver.
“Even before the pandemic hit, we were seeing significant growth, but now we’ve seen the creative course industry change forever,” CEO Greg Smith said in a statement.
“A large number of entrepreneurs are rapidly moving their businesses offline to online to provide exceptional educational experiences to a new global audience. We are also seeing a significant increase in the number of well established companies developing online training as a new revenue driver. ”
More than 50,000 individuals and businesses use the Thinkific platform to create online courses.
The latest round of funding brings the company’s total raise to $ 25 million.