LearnCove, a software company, has received ISK 130 million in funding to support the expansion of its education and training system both domestically and internationally. Hilmar Veigar Pétursson, the CEO of CCP Games, and the investment fund InfoCapital had already joined the group of shareholders and increased their stakes, but the investment fund of Útgerðarfélag Reykjavíkur was a newcomer.
A wide range of educational institutions, businesses, municipalities, schools, and organisations both domestically and internationally use LearnCove to share processes and courses. The software provides automatic language support in 136 languages and was created as a global educational system.
Brim, Síldarvinnslan, Orkan, Garri, the Directorate of Labor, the South-coast Health Department, the Ministry of Social Affairs, Mosfellsbær, and Hafnarfjarðarkaupstaður are a few examples of businesses and government entities that use LearnCove.
Aðalheiður Hreinsdóttir, one of LearnCove’s founders and managing director, notes the company’s expansion and rise in share capital: “Our customer base quadrupled over the past year, making it somewhat of an adventure. The biggest businesses, municipalities, and institutions in the nation are now using LearnCove, and the number of foreign clients is rising.” According to Aðalheiður, the team will need to grow soon due to the rapidly increasing number of customers. “We are expected to double in size over the next two years, and I am extremely proud of the team that brought us here.“ Aðalheiður comments on the most recent capital increase: “In addition to a strong team, we have brought with us a select group of investors who have a track record of building successful international businesses like Credit Info and CCP Games. Their suggestions and direction have been extremely helpful to the company’s expansion and development.It’s also especially welcome to have the innovation fund of Útgerðarfélag Reykjavíkur join the group of shareholders as LearnCove is utilised by several significant fishing companies.”
On the modernization of the business world and LearnCove’s capacity to access international markets, Aðalheiður notes: “The future of staff education lies in giving businesses the tools they need to efficiently and quickly meet the various educational needs of their staff members. It is not enough to have a lot of high-quality training in one location; managers also need to be able to convey pertinent training and procedures and have a clear picture of their staff. The development of human resources in businesses relies heavily on education, and managers can create comprehensive education plans and track their progress using LearnCove “. Among others, LearnCove is being used as a system for education and training in the fishing industry with major fishing industry firms like Brim, Síldarvinnslan, and Útgerðarfélag Reykjavíkur as well as businesses involved in the sector in Greenland and Greece. “When we enter a new market, the fishing industry is our primary focus. We are a part of the Iceland Ocean Cluster, which is giving us many opportunities to conduct business abroad. Our expertise is in enabling educational institutions, equipment suppliers, regulatory agencies, and fishing businesses to connect their systems and work together. Additionally, we keep track of when procedures or training for certification bodies that address quality, hygienic, and safety issues with fishing companies took place.”