Grovo has announced $40 million in Series C funding led by existing investor Accel with participation from Costanoa Venture Capital, SoftTech VC, Greg Waldorf and new investor Vayner Capital. Grovo will use the funds to expand its core product offering and secure its position as the leader in workplace learning innovation. To support its explosive growth, the company also plans to invest in a round of key executive hires and an expanded New York City headquarters. The round comes a year after Grovo’s $15 million Series B, also led by Accel, and brings Grovo’s total equity raised to $65M.
Grovo’s annual recurring revenue has grown 400 percent over the past 12 months. Recent clients to join Grovo’s portfolio include WeWork, The Wyndham Hotel Group, and the National Basketball Association. They join existing clients such as Capital One, Chevron, the Kansas City Chiefs, Pernod Ricard, and DDB Worldwide.