Grovo is a

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-based company established in 2010 by Jeff Fernandez, Nick Narodny, and Surag Mungekar that develops a software-as-a-service (

SaaS Software as a service (SaaS ) is a cloud computing service model where the provider offers use of application software to a client and manages all needed physical and software resources. SaaS is usually accessed via a web application. Unlike oth ...

) platform focused on

microlearning Microlearning refers to a set of compact e-learning modules that are designed to reduce learner fatigue. The modules can be educational, professional, or skill-based, and are usually designed to be less than 20 minutes long, with a single learning ...

, to allow users to create, manage, and distribute educational content.

History

Grovo was established in 2010 by Jeff Fernandez, Nick Narodny, and Surag Mungekar. The company initially operated as a consumer-focused company providing video training for digital skills. In early 2013, Grovo transitioned to a B2B SaaS model, concentrating on the development of a

platform. In May 2017,

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reported that Grovo encountered financial difficulties, which contributed to the departure of its founders. In November 2018, Grovo was acquired by management solutions provider

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, for $24 million.

Business model

Grovo operates on a SaaS (Software-as-a-Service) learning platform. Grovo refers to its approach as microlearning, delivering 144-second video and audio lessons interspersed with short quizzes and practice assignments. In November 2017, Grovo announced that it had submitted a trademark application for the term

with the U.S. Patent and Trademark Office. Grovo's microlearning library includes topics such as digital skills, soft skills, management training, and human resource/compliance training. Trainers and managers have access to a dashboard with learning management system tools, training analytics, and a client service team that aligns learning strategy with business goals.

Investors and funding

In May 2011, Grovo secured seed funding from Krishna "Kittu" Kolluri, general partner at

New Enterprise Associates New Enterprise Associates (NEA) is an American-based venture capital firm. NEA focuses investment stages ranging from seed stage through growth stage across an array of industry sectors. With over $25 billion in committed capital, NEA is one of t ...

, Andy Dunn,

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and Founder of

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, Mareza Larizadeh of Larizadeh Capital Partners and a few others. On July 17, 2013, Grovo announced a $5.5 million

Series A round A series A is the name typically given to a company's first significant round of venture capital financing. It can be followed by the word round, investment or financing. The name refers to the class of preferred stock sold to investors in excha ...

venture capital Venture capital (VC) is a form of private equity financing provided by firms or funds to start-up company, startup, early-stage, and emerging companies, that have been deemed to have high growth potential or that have demonstrated high growth in ...

funding. Greg Waldorf, CEO-in-residence at

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, who was also a founding investor and former CEO of

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, led the financing, which also included Jeff Clavier of SoftTech VC, Greg Sands of Costanoa Venture Capital, and Andy Dunn of Red Swan Ventures. Greg Waldorf joined Grovo's board of directors. On February 18, 2015, Grovo announced a $15 million Series B round from existing investors Accel Partners, Costanoa Venture Capital, Greg Waldorf, and SoftTech VC. The series B funding round closed on August 8, 2014. Accel's Sameer Gandhi and Kirk Bowman joined Grovo's Board of Directors. In January 2016, Grovo secured $40 million in a Series C funding round led by Accel Partners. Additional contributions came from existing investors Costanoa Venture Capital, SoftTech VC, and Greg Waldorf, along with new investor Vayner Capital. This brings Grovo's total funding to $65 million. In November 2018, Grovo was acquired by management solutions provider

for $24 million.

Recognitions

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named Grovo one of the "30 Most Disruptive Upstarts". ''

Entrepreneur Entrepreneurship is the creation or extraction of economic value in ways that generally entail beyond the minimal amount of risk (assumed by a traditional business), and potentially involving values besides simply economic ones. An entreprene ...

'' named the company one of the "Best Entrepreneurial Companies in America" and one of the "Best Company Cultures in 2015". The company was named "New York Startup of the Year" by Tech.Co, and listed on the

Crain's New York Business Crain Communications Inc. is an American publishing conglomerate based in Detroit, Michigan, United States, with 13 foreign subsidiaries. History Gustavus Dedman "G.D." Crain Jr. ( Gustavus Demetrious Crain Jr.; 1885–1973), previously the ci ...

Top 100 Best Places to Work 2015.

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named Grovo one of the top learning management systems of 2015.

References

External links

* {{Official website, https://www.cornerstoneondemand.com/solutions/content/grovo/ Educational technology 2010 establishments in New York City American companies established in 2010