Queensland edtech startup GO1 raises AU$4m at AU$15m valuation

GO1, a Queensland startup enabling organisations to create online training programs for their employees, has raised AU$4 million from a consortium of investors including Black Sheep Capital, Full Circle Venture Capital, Blue Sky Ventures, Amasia, and ex-Wotif.com CFO Sam Friend.

More than AU$1 million was provided by the Queensland government's Business Development Fund, with existing investors Tank Stream Labs, Y Combinator, and Shark Tank's Steve Baxter also contributing to the startup's pre-Series A funding round.

GO1 has previously raised $1 million from Baxter and Tank Stream Labs, in addition to receiving the standard $120,000 from Silicon Valley startup accelerator Y Combinator in exchange for 7 percent equity.

The latest round values the three-year-old edtech startup at over AU$15 million.

The investment will be used to grow GO1's global sales team by 30 staff over the next 12 months, as well as for ongoing product development. New offices will also be established in the US and Europe.

Using GO1, organisations can create customised online training programs from their own materials or from a marketplace of pre-existing courses. GO1's marketplace currently features over 100,000 compliance, professional development, and general training courses.

Organisations that have white-labelled GO1 include Seek.com.au, Oxford University, National Australia Bank, and St John Ambulance.

One of GO1's Australian competitors Techniworks was acquired by HR software company Elmo in October in what was claimed to be a "multimillion" deal. The acquisition of Techniworks, which provides pre-built e-learning solutions in line with legislation, compliance and training, and development needs, was said to boost Elmo's revenue to AU$18 million in the 2017 financial year.