“We believe Kahoot has significant potential for further growth as digital learning solutions continue to be adopted across its work, school, and home markets,” added Chris Caulkin, managing director and head of technology for EMEA at General Atlantic. “The team at GA brings deep experience in scaling global education technology and software businesses and positioning market leaders for long-term success, and we look forward to our next phase of momentum in empowering the learning ecosystem around the world.”
As Kahoot! continues to pursue its mission to improve lifelong learning by building a leading global learning and engagement platform, we are thrilled to add a partner of General Atlantic’s caliber,” Eilert Hanoa, CEO of Kahoot, said in a statement. “We are very grateful to SoftBank for their partnership over the past two years. (It’s still working on a Vision Fund 3 though, so never say die in the world of tech.) Amid layoffs and big executive changes, no surprise, then, that it is now divesting stakes that are underperforming. Vision Fund 2 is reportedly down in value by some 19% on the funds that have been invested so far. In August, Vision Fund I reported a loss of over $17 billion for just one quarter (Q1). SoftBank, meanwhile, has been in hot water itself, facing up to big losses in its splashy Vision Fund investment vehicles on the back of those wider tech industry doldrums. And that is with a bump of nearly 27% that Kahoot had this morning on the news of the investment/divestment. A year ago, its shares were trading at 70.25 NOK on the Oslo Stock Exchange.
Nevertheless, the deal comes as Kahoot, like many other tech companies, continues to feel the pinch of the general downturn in technology stocks and the wider technology market. (We’re confirming this with Kahoot and will update as we learn more.) “Kahoot plans to partner with General Atlantic to accelerate further growth initiatives, drive innovation, and expand its global footprint in homes, schools, and corporations,” the company said in a statement. This looks like an all-secondary round: no new investment coming in alongside the buyout. However, 15% of Kahoot’s current market cap (10.415 billion Norwegian Krone) works out to about $152 million (1,562,250,000 NOK). The firm sunk at least $215 million into the company in the last several years. This morning, Kahoot, the Norwegian startup that provides a popular platform for people to build and use education-focused games, announced that General Atlantic is buying out SoftBank’s entire 15% stake in the company. SoftBank’s retreat from its past investing exuberance continues apace.
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