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Snapshot of a VC Deal: Desire2Learn

startupWho: Kitchener, Ont.-based Desire2Learn, which provides a cloud-based learning platform to more 700 clients and more than 8 million students in academic and corporate sectors.

How much: An impressive $80-million from OMERS Ventures and New Enterprise Associates, whose portfolio includes Box, AddThis, Edmodo, Evernote and GroupOn. Last week, OMERS put $20-million of venture capital into Vancouver-based Vision Critical. OMERS says it is the largest VC deal into a Canadian software company.

The Quotes: “This is the first outside funding we’ve ever done and for us, we’ve been very cautious about that, trying to make sure we’re building an enduring company. We’ve seen too many companies come and go. And we wanted to make sure we built a relationship with two partners that believed in our vision for transforming learning.” -  John Baker, Desire2Learn’s president and CEO, to the Globe & Mail.

“The combination of Desire2Learn’s differentiated technology, proven management team, outstanding customer base and rapid revenue growth makes them uniquely positioned to deliver on the promise of the digital classroom,” said “We look forward to supporting the company’s growth as a leader in education technology.” - Howard Gwin, Managing Director, OMERS Ventures

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