Logan edtech Go1 hits unicorn status as valuation exceeds $1 billion

Logan edtech Go1 hits unicorn status as valuation exceeds $1 billion

Go1 co-founders Chris Eigeland, Vu Tran, Chris Hood and Andrew Barnes.

Logan, QLD-based education technology company Go1 has been on a roll over the past 12 months with revenue more than doubling, its global user base quadrupling and its content strengthened by partners such as EdX, Harvard Business Publishing Corporate Learning and Coursera.

Founders of the oft-described 'Spotify for education' won the Trailblazer Award in the Australian Young Entrepreneur Awards 2020, while a Series C funding round last year aimed at fuelling overseas growth did just that with 70 per cent of new sales coming from international markets like the US and UK.

It is against this backdrop that Go1 recently completed a Series D funding round for an undisclosed sum valuing the business at more than $1 billion, pushing the company into the ranks of Australia's unicorn list alongside the likes of Canva, Afterpay (ASX: APT), Zip Co (ASX: Z1P), Judo Bank, SafetyCulture, CultureAmp, SiteMinder, AirWallex.

Co-founded by Chris Eigeland, Vu Tran, Chris Hood and Andrew Barnes, Go1 was set up with tech-savvy nous and a mission to make learning more accessible worldwide.

During the pandemic the company has played its part in an ongoing upskilling drive as workforces adapt to tectonic shifts in the global economy, securing deals with governments agencies in Malaysia, Singapore and at home in Queensland to provide educational resources through its platform.

Co-founder and CEO Dr Andrew Barnes attributes Go1's maturing product offering, the need for remote learning in a work-from-home environment, and increased corporate focus on investing in talent as the primary factors for the group's strong performance in Australia and the other markets.

"Since our inception, Go1 has adopted a laser-like focus in developing a world-class product offering that delivers unparalleled customer experience and access to the best content providers," says Barnes.

"We were the first to pioneer a single subscription for all workplace training needs. Today, many of our customers describe us as the 'Spotify for corporate education, and we've witnessed an increasing demand for lifelong learning, particularly from organisations looking to upskill their staff.

"Over the past year, Go1 has managed to attract and retain some of the best in the business. This is a testament to and validation of the strong culture of collaboration, support and respect we've built within the team over the years."

The company expects momentum ito continue beyond the 2021 calendar year, predominantly in Australia, the US and the UK as these economies rebound but the new norms of remote working, employee wellbeing and skills mobility remain.

Go1 has increased its headcount by 18 per cent year-on-year and bolstered its global leadership team in key areas in anticipation of robust growth rates in the years ahead. The new hires include former Amazon Marketplace product development executive Barnaby Dorfman as CTO, former Salesforce exec Danielle Dacunha-Howarth as VP of sales enablement, and former WeWork exec John Amici as VP of sales for the Americas.

"I'm thrilled with the calibre of talent Go1 continues to attract. The addition of Barnaby, Danielle and John is testament to the culture we've created and our vision for a world where learning and training can change people's lives for the better," Barnes says.

Prior to the latest raise, Go1 had raised more than US$80 million in total funding from investors including M12 - Microsoft's venture fund, Madrona Venture Group, SEEK, Salesforce Ventures, Shark Tank investor Steve Baxter and Oxford University.

Atlassian is widely known as Australia's first-ever 'unicorn' - a term coined by venture capitalist Aileen Lee in 2013 -  prior to its US$4.4 billion initial public offering (IPO) on the NASDAQ in 2015. 

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