BranchTrack, a new kind of tool for corporate training, today announced the closing of a €250K seed round. Investors include Imprimatur Capital, Coffee Ventures and Zbigniew Gulbinowicz (Blue Bridge Baltic Lithuania).
At the end of last year, BranchTrack received the E-learning Award 2015 – one of the training industry’s biggest awards. Coincidentally, the same day BranchTrack was awarded in London, it was also announced as the “Best Startup” at the How To Web conference in Bucharest, receiving a $10’000 prize money. BranchTrack was the only startup from the Baltics in the competition finals.
The fresh capital provided in this recent seed round will help BranchTrack to aggressively attack a growing $130bn market for corporate training and start business development activities in Western Europe, US and other regions. At the moment BranchTrack simulation software is used in more than 1500 companies worldwide including paying customers like KPMG, Pearson, Mary Kay, Slack, Johnson & Johnson, PwC and others. BranchTrack plans to release significant improvement to its software, expand sales activity, introduce new sales channels and get to a €100k MRR (monthly recurring revenue) during the next 12-18 months.
Co-founder and Head of Product Jean Mauris explains: “The e-learning industry today reminds me of the web-design industry ten years ago. Back then you needed professional services to develop even a simple website. Today, there are plenty of ways to create much better websites on your own, and at a fraction of the cost. We are doing the same in corporate training. We are taking on agencies who produce expensive custom-built simulations. Now any company in the world can use our platform to build their own training that is impactful, beautiful and works out of the box, at a fraction of the cost.”