Instructure, maker of the Canvas learning management system (LMS), went public on Friday, raising $70m from the sale of 4.4 million shares. edSurge reports revenues have steadily grown in recent years, but Instructure is not yet profitable, disclosing $44.4m in revenue and a net loss of $41.4m in 2014. The company has been working to improve its business model by focusing more heavily on online education for students who are already enrolled at an accredited institution.
Instructure, maker of the Canvas learning management system (LMS), went public on Friday, raising $70m from the sale of 4.4 million shares. edSurge reports revenues have steadily grown in recent years, but Instructure is not yet profitable, disclosing $44.4m in revenue and a net loss of $41.4m in 2014. As the first major initial public offering for an ed tech LMS company since Blackboard in 2004, Jeremy Friedman, CEO of Schoology, sees Instructure's early success in the market as indication the ed tech space has room for growth.