Instructure, the maker of the Canvas learning management system, raised $30 million in venture capital to help fuel its competition against Blackboard, Desire2Learn and other more established players, the company said this week. Bessemer Venture Partners put up $26 million and existing investors put in another $4 million.
“We plan to use it for growth. We still think there is a great opportunity in this market to take market share,” said Brian Whitmer, an Instructure co-founder. Right now, he said the five-year-old company has about 5 percent of the LMS market.
Whitmer said the company would hire sales, development and support staff. It may also buy other startups. “We may use some of it for acquisitions," he said.
Another goal, of course, is to eventually take the company public. Bessemer's Silicon Valley partner Byron Deeter will join the Instructure board.