Queensland-based educational startup GO1, which enables organisations to create online training programs for staff, has closed a pre-Series A round of AU$4 million ($2.98 million) investment from a consortium of investors that includes Black Sheep Capital, Full Circle Venture Capital, Blue Sky Ventures, Amasia, and ex-Wotif.com CFO Sam Friend.
Existing investors Tank Stream Labs, Y Combinator, and Steve Baxter also participated in the round. This transaction places the post-money valuation of GO1 in excess of A$15 million.
The firm also received A$1 million from the Queensland government’s Business Development Fund.
GO1 has previously raised $1 million from Baxter and Tank Stream Labs. This is in addition to the $120,000 it secured from startup accelerator Y Combinator, in exchange for 7 per cent equity.
According to a report, growing pressure on corporates to upgrade their training and processes will drive the adoption of technologies to facilitate teaching and learning, with content digitalisation also driving this growth.
The investment will finance the expansion of its workforce, with GO1’s global sales team expected to add 30 employees over the next 12 months. It will also finance further product development and launch new offices in the US and Europe.
Some organisational users of the software include Oxford University and National Australia Bank.