Waterloo-based Axonify raises $36 million to accelerate growth of employee knowledge platform

Waterloo-based Axonify, a corporate learning platform that allows businesses to deliver information to employees in a more personalized way, announced a $27 million raise in growth equity. The round was led by JMI Equity, a growth equity firm focused on investing in leading software companies, and existing investor BDC Capital through the BDC IT Venture Fund.

“We are absolutely thrilled to have JMI Equity join our investor group and to have the BDC IT Venture Fund affirm its confidence in our business by investing more,” said Carol Leaman, Axonify president and CEO. “JMI has a successful track record of supporting high-growth SaaS companies, and we are excited that they believe in the future of Axonify as much as we do. This growth round will allow us to accelerate our pace of customer acquisition, continue to raise our profile in the market, and extend our platform in ways that will blow away the competition.”

Axonify says that it takes a “microlearning approach” by delivering content in short, bite-sized bursts for three to five minutes a day, and adapting based on what employees know. Through the platform, employees can encourage and share information with each other, while its algorithm adjusts based on every employee’s learning style.

The company currently counts Walmart, Toyota, Bloomingdale’s, and Johnson & Johnson among its customers.

“We have been tracking Axonify over the last several years and share in its vision that improved employee knowledge is a critical imperative for enterprises today,” said Matt Emery, a general partner at JMI Equity. “Customers rave about the ability to drive increased knowledge retention and business outcomes through Axonify’s employee knowledge platform. We look forward to partnering with Carol and her team to help continue Axonify’s market-leading innovation and highly successful customer engagement.”

Jessica Galang

Jessica Galang

Jessica Galang is BetaKit's News Editor.