Exit by FiBAN angels – Whiteboard.fi acquired by EdTech platform Kahoot! with 6M USD
February 26, 2021
The global learning platform company, Kahoot! has acquired Whiteboard.fi, a Finnish online whiteboard tool for teachers and classrooms with 6M USD. Whiteboard.fi launched commercially only last year and over the last 6 months has grown its active users by over 400% reaching more than 7 million users on a 30-day basis.
Kahoot! acquired 100% of the shares in Digital Teaching Tools Finland Ltd, the company behind Whiteboard.fi, for a total consideration of USD 6 million. In addition, there is a performance-based element of up to USD 6 million depending on Whiteboard’s performance in 2021-2022.
Through Whiteboard.fi teachers and students get their individual digital whiteboard, where they can draw, write text, make notations on images, add math equations, and more. Teachers can see their students’ whiteboards in real-time and follow their progress, while the students only see their own whiteboard and the teacher’s.
“Education sector continues to offer opportunities“
The company has grown its active users by over 400% over the last 6 months, reaching more than 7 million users on a 30-day basis with most of its educators in the United States and the UK.
“Whiteboard has been growing fast and now it is time to take the next step. I believe Kahoot! is a great owner for the company, and the founders have a good new home to continue building solutions helping students and teachers worldwide.”, tells Reima Linnanvirta, another of the two exiting investors in Whiteboard.fi.
“Education sector will continue to offer a lot of opportunities for us investors. Not to forget the great impact these companies are making on the lives of the students and their future.”, adds angel investor Janne Jormalainen.
For Kahoot! the acquisition of Whiteboard.fi is part of its strategy to expand into new areas of learning and make the global platform a trusted destination for all learners, whether at school, work, or home, the company tells in its statement.
“We are super excited to join the Kahoot! family, as we share the same mission to improve education worldwide!”, tells Sebastian Laxell, CEO of Digital Teaching Tools Finland Ltd. “It really is the perfect match, and together we can unleash the full potential of the service.”
CEO, Whiteboard.fi (Digital Teaching Tools Finland Ltd.)
+358 44 298 2667
Read related articles:
Six Million User EdTech Whiteboard.fi Attracts Angels (14.12.2020)
Did you participate in a funding round or make a successful exit? Let us know by filling this form or ping our Communications Strategist Tuuli, and we’ll publish it!