Online training company Learning People has secured a $2.5 million investment from London-based venture capital firm Talis Capital. This funding will also benefit Learning People’s B2B arm, SkillsFox, which provides corporate training and development services.
The investment from Talis Capital is intended to support geographical expansion, the development of a user-centric platform, and the enhancement of a range of innovative products for both individual and corporate clients. This financial boost coincides with a growing corporate e-learning market, currently valued at $12 billion and projected to expand at a compound annual growth rate (CAGR) of 11 percent until 2020. Companies are increasingly seeking specialist skills such as cyber-crime prevention for current and future employees.
Learning People, established in 2010, aims to provide top-tier training and examinations across various disciplines, including information security, project management, coding, IT, and digital marketing. Over the past four years, the company has enrolled more than 15,000 students and has significantly expanded its course offerings to meet the evolving needs of the job market, equipping its customers with the necessary skills to advance in their careers.
The growth of the global corporate training market, estimated to grow at a CAGR of 9.79 percent over the next four years, presents a considerable opportunity for the newly launched SkillsFox. This initiative aims to equip businesses of all sizes with the tools required to upskill their workforce in critical areas such as cyber security, cloud, IT, project management, compliance, and leadership skills.
Adding to this momentum, Tony Glass has joined Learning People and SkillsFox as a member of the advisory board. With over 25 years of experience in the learning and development sector, including his tenure as General Manager EMEA at Skillsoft, Glass will provide senior counsel to both businesses.
A report by the UK Government highlights a digital skills crisis, estimating that around 90 percent of jobs require some level of digital skills. The skills gap is costing the UK economy approximately £63 billion in lost income annually. Furthermore, the cyber security workforce continues to face severe shortages, with global demand projected to rise to six million individuals by 2019.
Patrick Aylmer, CEO of Learning People, expressed enthusiasm about the partnership with Talis, highlighting the venture firm’s expertise in the tech sector as invaluable for the company’s business expansion and B2B offerings. He believes SkillsFox can offer essential services to employers, enabling them to upskill and retain talent while boosting productivity.
Vasile Foca, Managing Partner at Talis, pointed out that the rapid development of technology is disrupting traditional work practices, both positively and negatively. This disruption necessitates employees to acquire new skills, sometimes in areas where they have little or no prior experience. He noted that Learning People is well-positioned to meet the current demand for knowledge and to respond to future technological shifts, particularly in the fast-evolving data security sector.
The $2.5 million investment from Talis Capital marks a significant milestone for Learning People. This funding will not only support the company’s expansion but also enhance its ability to provide critical training in high-demand areas, thereby addressing the growing skills gap in the digital economy.