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This is an old revision of this page, as edited by Tonerra (talk | contribs) at 15:03, 17 September 2024 (Added support for raising $65 million: https://www.edsurge.com/news/2013-07-18-grovo-raises-5-5m-series-a-toteach-internet-skills). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

Grovo
FoundedOctober 1, 2010; 14 years ago (2010-10-01)
Area servedGlobal
CEOSteven Carpenter
Industrylearning technology
URLwww.cornerstoneondemand.com/solutions/content/grovo/

Grovo is a New York City-based technology company that provides a SaaS (software-as-a-service) microlearning platform with integrated content creation tools.[1]

History

Grovo, established in 2010 by three co-founders - Jeff Fernandez, Nick Narodny, and Surag Mungekar, initially operated as a consumer-focused company providing video training for digital skills.[2][3] In early 2013, Grovo transitioned to a B2B SaaS model, concentrating on the development of a microlearning platform.[2]

In May 2017, Axios reported that the company faced financial challenges, leading to the departure of its founders, citing "a lack of financial discipline" as the reason.[4][5]

In November 2018, Grovo was acquired by Cornerstone OnDemand.[6]

Business model

Grovo provides companies with a SaaS (software-as-a-service) learning platform.[2] Grovo refers to its approach as microlearning, delivering 144-second video and audio lessons interspersed with short quizzes and practice assignments. In November 2017, Grovo announced that it had submitted a trademark application for the term microlearning with the U.S. Patent and Trademark Office.[7] Grovo's microlearning library includes topics such as digital skills, soft skills, management training, and HR/compliance training. Trainers and managers have access to a dashboard with learning management system tools, training analytics, and a client service team that aligns learning strategy with business goals.[8]

Investors and funding

In May 2011, Grovo secured seed funding from Krishna "Kittu" Kolluri, general partner at New Enterprise Associates, Andy Dunn, CEO and Founder of Bonobos, Mareza Larizadeh of Larizadeh Capital Partners and a few others.[9]

On July 17, 2013, Grovo announced a $5.5 million Series A round of venture capital funding.[10][11] Greg Waldorf, CEO-in-residence at Accel Partners, who was also a founding investor and former CEO of eHarmony, led the financing, which also included Jeff Clavier of SoftTech VC, Greg Sands of Costanoa Venture Capital, and Andy Dunn of Red Swan Ventures. Greg Waldorf joined Grovo's board of directors.[12]

On February 18, 2015, Grovo announced a $15 million Series B round from existing investors Accel Partners, Costanoa Venture Capital, Greg Waldorf, and SoftTech VC.[2] The round closed on August 8, 2014, from the Series B round. Accel's Sameer Gandhi and Kirk Bowman joined Grovo's Board of Directors.

In January 2016, Grovo announced a $40 million Series C round led by Accel Partners with additional funding from previous backers Costanoa Venture Capital, SoftTech VC, and Greg Waldorf, plus new investor Vayner Capital. To date, Grovo has raised a total of $65 million.[13][14]

In November 2018, Grovo was acquired by Cornerstone OnDemand for $24 million.[15]

Reception

2014

Internet Week named Grovo the "Best Place to Work in New York City Tech", citing a positive work environment and employee satisfaction as key factors in their decision.[16]

2015

CNNMoney named Grovo one of the "30 Most Disruptive Upstarts".[17] Entrepreneur named the company one of the "Best Entrepreneurial Companies in America"[18] and one of the "Best Company Cultures in 2015".[19] The company was named "New York Startup of the Year" by Tech.Co,[20] one of "NYC's Hottest Startups" by Symmetry50,[21] and listed on the Crain's New York Business Top 100 Best Places to Work 2015.[22] CEO Jeff Fernandez has spoken about the company's culture at events including SXSW,[23] NewCo Festival New York, TEDx,[24] Internet Week,[25] and The Next Web Conference. Grovo's educational content and technology have received awards from the Chief Learning Officer, Training Industry, and the ATD. PC Magazine named Grovo one of the top learning management systems of 2015.[9]

2016

Grovo was ranked No. 2 on Fortune's 100 Best Medium Workplaces.[26]

See also

References

  1. ^ "Grovo Expands Platform Capabilities with New Features to Support Progressive Learning Programs at Scale". Yahoo Singapore Finance. Archived from the original on 2016-11-09. Retrieved November 8, 2016.
  2. ^ a b c d Ha, Anthony (18 February 2015). "Grovo Raises $15M More To Help Businesses Train Their Employees With Bite-Sized Videos". TechCrunch. Retrieved November 8, 2016.
  3. ^ "Online training site Grovo launches to help you demystify the Web". VentureBeat. 21 October 2010. Retrieved November 8, 2016.
  4. ^ "Just 15 Months After Raising $40M, Grovo's CEO and Co-Founders Are Out - EdSurge News". EdSurge. 2017-05-01. Retrieved 2017-10-09.
  5. ^ "Exclusive: Grovo CEO and co-founders are out". Axios. 2017-04-25. Retrieved 2017-10-09.
  6. ^ "CORRECTING and REPLACING Cornerstone Accelerates Momentum in Content with Acquisition of Grovo". 2018-11-08. Retrieved 2018-11-20.
  7. ^ Jacobs, Susan. "Grovo Secures Microlearning Trademark". Learning Solutions Mag. Learning Solutions Magazine. Retrieved 27 November 2017.
  8. ^ Fenton, William (June 30, 2015). "Grovo LMS". PC Magazine. Retrieved February 28, 2017.
  9. ^ a b Empson, Rip (3 May 2011). "Grovo: Video Training Platform Grabs Funding To Help Startups Educate Their Users". TechCrunch. Retrieved November 8, 2016.
  10. ^ "Grovo Raises $5.5M Series A to Teach Techie Skills (EdSurge News)". EdSurge. Retrieved November 8, 2016.
  11. ^ Goode, Lauren (July 17, 2013). "Grovo, a "How-To" Video Company for Web Services and Apps, Raises $5.5 Million in Funding". AllThingsD. Retrieved November 8, 2016.
  12. ^ "Grovo Lands $5.5M Series A to Accelerate RealTime Internet Training". newsmaker.com.au. Retrieved November 8, 2016.
  13. ^ Ha, Anthony (26 January 2016). "Grovo Raises $40M To Deliver Employee Training With Quick, Digestible Content". TechCrunch. Retrieved November 8, 2016.
  14. ^ "Grovo Raises $5.5M Series A to Teach Techie Skills - EdSurge News". EdSurge. 2013-07-18. Retrieved 2024-09-17.
  15. ^ "Cornerstone Accelerates Momentum in Content with Acquisition of Grovo". cornerstoneondemand.com. Cornerstone OnDemand. Retrieved 16 September 2024.
  16. ^ "Press Releases – Internet Week New York". internetweekny.com. Retrieved November 8, 2016.
  17. ^ "The Idealists". CNN. June 29, 2015. Retrieved November 8, 2016.
  18. ^ "The Success Secrets That Helped the 'Best Practices' Land on the Entrepreneur360". Entrepreneur. October 7, 2015. Retrieved November 8, 2016.
  19. ^ "The 25 Best Large-Company Cultures in 2015". Entrepreneur. November 4, 2015. Retrieved November 8, 2016.
  20. ^ "Tech.Co Startup of the Year: Online Semifinalists". September 1, 2015. Retrieved November 8, 2016.
  21. ^ "The 34 Hottest Startups In NYC". Symmetry50. Retrieved November 8, 2016.
  22. ^ "Crain's names 2015 Best Places to Work". Crain's New York Business. CrainsNewYork.com. Retrieved November 8, 2016.
  23. ^ "The Millennials: Empowering a Modern Workforce". SXSW. Retrieved November 8, 2016.
  24. ^ Learning in a Wired World. August 13, 2015. Retrieved November 8, 2016 – via YouTube.
  25. ^ The Workplace Experience: Inspiring Talent Today and Tomorrow. InternetWeek. June 25, 2015. Retrieved November 8, 2016 – via YouTube.
  26. ^ "Grovo". Fortune. October 12, 2016. Retrieved November 8, 2016.

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Further reading

  1. ^ Cite error: The named reference :2 was invoked but never defined (see the help page).
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