JBS partner Classera a global ed-tech e-learning company has raised $40 million in a Series A funding round led by Sanabil Investments, a fully-owned subsidiary of Saudi Arabia’s sovereign Public Investment Fund (PIF). The funding marks the largest for an ed-tech company with no prior funding, according to Classera. Other investors included Global Ventures, Endeavor Catalyst, and 500 Global.

Classera, headquartered in San Francisco, plans to use the proceeds to continue developing its Learning Super Platform (LSP) for the education and corporate e-training sectors. The funds will also target further growth in the Middle East and Africa and quicken global expansion, including in Asia Pacific, via direct sales, channel partners, and acquisitions.

The COVID-19 pandemic has led to a surge in demand for ed-tech solutions globally. Classera has capitalized on this trend, achieving one of the highest engagement metrics in the e-learning industry globally in the last academic year. The company has a nearly 70% market share in several markets in the Middle East and has received more than 10 billion page views on its platform.

The investment from Sanabil and other investors will help Classera to consolidate its position as a global leader in e-learning and ed-tech, with a focus on developing solutions that address the evolving needs of learners and educators.