A Boise area software company landed a big investment round this summer. Tovuti LMS added $8 million to its coffers in an investment round led by Blueprint Equity and ScOP Venture Capital.
The so-called Series A funding adds cash to help the company grow its core product – what it calls a learning management system. Tovuti employs about 35 people and operates with a home base in Eagle.
Tovuti was founded by Troy McClain, perhaps best known nationally for his run on the first season of the NBC series The Apprentice, hosted by now-former President Donald Trump.
McClain said the latest funding affirms the direction the company has taken so far.
“It’s humbling to achieve validation from two of the greatest investment firms around that a company focused on an awesome team culture, superior client experience, and building some of the most innovative technology in the learning experience space can prevail in today’s tech environment,” McClain said. “ScOp Venture’s and Blueprint Equity’s investments in Tovuti speak volumes to what we have built thus far and will enable us to enhance our clients’ online learning environments in order to develop the best possible outcomes from online learning.”
The funding round will help Tovuti to grow several of its teams – including engineering and client support.
The product is in use at more than 300 organizations and helps employers implement and track training programs. The company said the move toward an increased focus on hybrid workplaces helped lift demand for digitally delivered training tools like theirs. Blueprint said Tovuti saw 300% growth last year and continues to see growth in 2021.
ScOP is known for past investments in firms like 1-800-flowers.com, Doubleclick (later acquired by Google), Meetup, and HotJobs.com.
Tovuti did not detail how much equity it gave for the $8 million investment, nor what value the new funding assigns to the company.