Articulate, a SaaS-based provider of online training tools and e-learning authoring apps for work, raised USD 1.5 billion in Series A funding in a round led by General Atlantic, with participation from funds managed by Blackstone Growth and ICONIQ Growth. The funding round values Articulate at USD 3.75 billion.

This is the first funding round for the company that has been entirely bootstrapped since its inception. Articulate preferred forming strategic relationships with investors over going public. The funds will be used toward growth (10x over the next several years as per CEO Adam Schwartz) and international expansion.

Founded in 2002 by Adam Schwartz, Articulate provides a SaaS-based platform and content allowing organizations to develop, deliver, and analyze online training. The company has two offerings: Articulate 360, a suite of online course development apps and resources (including authoring app Storyline 360) for enterprises with learning management systems (LMSs); and Rise.com, an all-in-one online training system for small and medium-sized enterprises to create, track, and manage online training in one comprehensive system (launched in 2020). Organizations can also access reports that present analytics on workforce engagement and course completion. The company’s E-Learning Heroes Community has more than 980,000 members and is reportedly the largest and fastest-growing community in the training industry. As of July 2021, Articulate counted more than 106,000 customers with more than 112 million learners across 161 countries, including all the Fortune 100 companies.