Led · Equity · Oct 2018

Kahoot! is a game-based learning platform that enables individuals and organizations to create, share and play learning games to boost engagement. Its product suite includes Kahoot 360 for corporate training and events, Kahoot! Academy as a creator marketplace, Kahoot! at School (used by ~9 million teachers), and Kahoot! at Home & Study (used by more than 18 million users). Since 2013 the Kahoot! Group claims 8 billion non-unique cumulative participants and recorded 28 million active users in the last twelve months; its services are used by 97% of Fortune 500 companies. The Group has included Clever since 2021, a digital classroom and single sign-on platform used by almost 70% of K–12 schools in the US. With a much-loved brand and an engaged global user base across North America, Europe, APAC, LATAM and MENA, Kahoot! says it will accelerate growth initiatives and expand its global footprint in homes, schools and corporations. Kahoot operates a user-generated gamified learning platform serving both schools (free tier) and enterprises (paid products). The company says it had 1.3 billion participating players, 200 million games played and 100 million user-generated Kahoots in the last 12 months, and has counted about 4.4 billion users since launching in 2013. Kahoot reported Q3 invoiced revenue of $11.6 million (up 240% year‑over‑year), $5.2 million in positive cash flow from operations (versus -$0.6M a year earlier), and 360,000 paid subscriptions (up 160% year‑over‑year). Kahoot has been pursuing inorganic growth, acquiring enterprise engagement platform Actimo for about $33 million to boost its corporate learning business. The company intends to use recent proceeds for acquisitions and continued expansion of its platform. It is traded on the Merkur Market in Oslo and has been scaling both consumer and corporate offerings around gamified content. Kahoot is an Oslo-based educational gaming company whose platform hosts user-generated quizzes and games, claiming 1.3 billion active users and over 100 million user-created games. The product is widely used in K-12 education (over 50% of K-12 students in its 200-country footprint), in 87% of top 500 universities, and by 97% of Fortune 500 companies. Kahoot has expanded into enterprise online training, runs an accelerator called Kahoot Ignite, and is pursuing inorganic growth, including the May acquisition of DragonBox for $18 million in cash and shares. Financially, the company expects Q2 revenue of $9 million (290% year-over-year growth, 40% quarter-over-quarter) and full-year 2020 revenue of $32–38 million. Kahoot listed some shares on Oslo’s Merkur Market in October 2019, is valued at about $1.39 billion on that market, and is planning a full IPO in 2021. Kahoot operates a popular platform where users create and play educational games (called “Kahoots”), with about 60 million games on the platform. The company serves both K‑12 education and business customers, with business users accounting for the majority of its revenue. Kahoot’s catalogue is roughly half public and half private, reflecting its split between educational and corporate content. The platform has seen rapid user growth in recent years, reporting 70 million registrations in January and aiming to surpass 100 million. Disney has already placed Lucasfilm content on Kahoot and may expand content partnerships following its investment. The company benefits from educators creating content on platforms students already use, fueling U.S. growth and broader adoption. Kahoot builds game-based learning tools used widely in K-12 education and by enterprises for training and onboarding. The company began in 2006 as Lecture Quiz and relaunched as Kahoot in 2013. In January it passed 70 million users, with roughly 50% penetration among U.S. K–12 students and about 51 million games created, and management said it is on track to surpass 100 million users by year-end. While most users come from the education sector, Kahoot says revenue and growth are currently larger in its business segment. Management intends to continue investing in the platform and pursue acquisitions in the coming months. The company has stated a goal of being cash-flow positive by Q1 2019; the CEO did not specify whether it is closer to that target today.