Radnor, PA-based private equity group NewSpring Capital has announced that its dedicated growth and expansion stage fund, NewSpring Growth Capital (NewSpring), has led a $16 million Series B funding round in ExecOnline, a leading provider of leadership development programs.
NewSpring was joined by existing investors Osage Venture Partners, New Atlantic Venture Partners, Kaplan and Thomas Lehrman, the co-founder of Gerson Lehrman Group. The New York City-based startup, which teams up with leading business schools such as Wharton and Yale for its online offerings, will use the funding to extend its market leadership position through expanding sales and marketing capabilities and to grow its suite of enterprise-focused online leadership development offerings.
The five-year-old company claims it works with over 150 large enterprises around the world, including 10% of the Fortune 1000, who leverage its on demand video lectures, self-paced application exercises, live online collaborations and global community of professionals. While participating in the programs, leaders work on a project that addresses a critical need or challenge for their organizations.
“ExecOnline is solving a large and growing pain-point for enterprises seeking to invest in and train their leadership teams in a scalable, yet effective way,” said Brian Kim, Principal at NewSpring. “With a solution purpose-built for each customer and an impressive management team, we believe ExecOnline is well-positioned for rapid growth and continued market leadership.”
As part of the deal, NewSpring Capital’s Brian Kim will join ExecOnline’s Board of Directors.