BALTIMORE – Moodlerooms Inc., a company selling an e-learning management platform, has raised $7.15 million in equity, according to a regulatory filing. The company, which recently won the Maryland Incubator Company of the Year award for IT, has more than 700 customers.
We reported in February that the company raised $450,000.
Moodlerooms was founded in 2005 by former teachers Tom Murdock, Sheila Gatling and Gina Russell-Stevens. Its course management system, is based on the open source Moodle system, a free Web application that teachers use to create online learning sites.
Investors include Longworth Venture Partners, Kaplan Ventures, Frank A. Bonsal III, and New Markets Growth Fund.
CEO Martin Knott founded and funded numerous startups. Most recently, Knott established The Shepherd Group, a retained executive search firm, after serving as a managing director of three global search firms.
As a former teacher, we think the increasing use of technology by educators is overdue. The Potomac region is something of a hotbed for education tech. Industry giant Blackboard is located in DC and numerous startups have evolved there. Kaplan, although based in New York, is a Washington Post company.
The Moodlerooms Web site says it is the largest Moodle partner in the world and it has doubled in size from 2008 to 2009 while increasing revenue 100 percent since inception. Its joule product adds features such as reports, notifications, automated administration and content management to Moodle.
It was nurtured at the Baltimore Emerging Technologies Center.
The company disclosed the current financing in a filing with the U.S. Securities and Exchange Commission.
Contact Tech Journal South Editor and writer Allan Maurer: Allan at TechJournalSouth dot com.
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