Earlier today, Honourable Keith Hutchings, Minister of Innovation, Business and Rural Development announced a $3.5 million investment from the Provincial Government was given to Desire2Learn Incorporated, a leader in providing cloud-based learning solutions for higher education, K-12 and Fortune 1000 companies. The funds will be used to help Desire2Learn expand further, and specifically with extend operations into Newfoundland and Labrador.
“The addition of Desire2Learn to Newfoundland and Labrador’s business community will further boost our growing information and communications technology sector,” said Minister Hutchings. “Our ability to attract an operation the size and scope of Desire2Learn speaks to the positive business and investment environment that exists in the province. It is this activity that is helping diversify the provincial economy. It positions Newfoundland and Labrador to both better attract young people, and allow more experienced professionals to enjoy vibrant, progressive careers.”
The Provincial Government’s investment is a forgivable loan that will help Desire2Learn establish its operations and build its local workforce to 35 employees over the next five years. It is projected that over a 10 year period, the net economic benefit will be approximately $21 million.
The investment was made through the Business Attraction Fund. Budget 2012 – People and Prosperity: Responsible Investments for a Secure Future, allocated $15.5 million under the Business Attraction Fund to enhance the province’s ability to compete for and attract new national and international business investment.
Desire2Learn recently closed a new round of financing for $80 million, from a number of angel and institutional venture capital organization including Howard Gwin, John Baker, Jon Sakoda, New Enterprise Associates, OMERS Ventures.
